Buyers beware - wire fraud

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Financing

WIRE FRAUD ALERT

You finally made it! You've managed to put enough money away to buy your first home or you've amassed enough equity in your current home to allow you to step up into a home better suited to your needs. You've worked with your real estate agent and lender to find the perfect home and gain approval for a loan. As you near closing the excitement builds as you pack your belongings in anticipation of the big move. Then it happens. You receive instructions to wire funds for closing to a specific account so the transaction can be closed. STOP! 

Unfortunately, some people simply believe that it is okay to steal the funds that you as a home buyer have worked to earn and save. They do this by mimicking your lender or escrow officer via email or maybe even a phone call in which they provide bogus wire instructions. If you fall for their trick you will lose your hard earned down payment money. Getting it back will be nearly impossible. 

To avoid being stripped of your cash follow the best practices provide in the video below.