With so many scams out there today, sometimes it’s hard to know what is real and what is not. One of the most common – and devastating – real estate scams is the fake wiring instructions. Read on to learn how it works and how to avoid falling victim to it.
Most real estate transaction will at some point involve wiring large sums of money directly from your bank account to a title company. The title company will send you an email close to your closing date with wiring instructions. These will include the bank name, address, routing, and account number to which you need to send your funds. Once sent, the money is out of your hands – and if you’re unlucky – into the hands of a scammer.
This scam operates when the perpetrator begins skimming your email account looking for evidence of a real estate transaction. They monitor your correspondence and pay close attention to company names and closing dates. When they see your closing date approach, they create a wiring instructions email designed to look like it came from your title company, but it has the scammer’s bank information. If you fall prey to this one, there is often very little recourse to get your funds back. Not only do you lose the money, but most people cannot complete the property transaction and may face additional penalties as stipulated in the purchase contract.
Fortunately, this is one of the easiest scams to avoid. Never, ever, ever wire money without first calling the title company directly to confirm the wiring instructions. Use a trusted phone number which you have previously used to reach your escrow officer or other point of contact at the title company. Make sure that the bank name, routing, and account number all match the instructions sent. By first confirming the wire instructions, you mitigate the potential of sending your money to a scammer.
(541) 238-5532
hello@fairfieldrealty.info
www.fairfieldrealty.info
OR License #201244100
RBN #201245273
Copyright Fairfield Realty, LLC 2021
Fairfield Realty, LLC is an Equal Opportunity Employer and supports the Fair Housing Act and equal opportunity housing. All residential real estate information on this website is subject to the Federal Fair Housing Act Title VIII of the Civil Rights Act of 1968, as amended, which makes it illegal to advertise "any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination."