If you are selling or buying a property…Never WIRE funds to ANYONE without verifying on the phone the wire instructions, the appropriate recipient and documentation of your figures…regardless of the the email says…there are actually scams taking place right now impersonating real estate agents, title companies and lenders.
Sadly this happens more than you would think it would. So taking a few minutes with a phone call could really safeguard your funds.
Verify Funds to Wire Before Sending It Could Be Costly
Red Flags to watch out for…
1. Hover over the name of the individual sending you the email and make certain that email exactly matches the email you know is the correct one…then pick up the phone and call the person you know to confirm if they sent you the email.
2. The account name cannot be an individual, when it was supposed to be a title company!
3. In the event the person emails you every 15 min asking if you sent the funds that is a problem!
4. Don’t be in a rush! stop call and verify!
5. Don’t take an amount out of the air from email without seeing a HUD statement/closing disclosure and once again VERIFY with your realtor, lender and closing agent BEFORE you send money or give access to your accounts!
6. A Realtor Won’t send you wire instructions or final figures…that comes from your closing agent and/or lender! Realtors will not have access to that information!
Additionally when lenders send the final closing disclosure, it normally will come through a secured email from the lending institute. You probably would have received a couple of emails from your lender prior to closing, so you will know what they should look like.
Hope this information helps you. If you have some helpful information you would like to share with us. Simply click here to send us your comments.