Wire Fraud Scams and Your Home Buying Process

Buying a home? Let’s talk about Wire Funds scams.

Buying a home is one of the biggest investments you will make in your lifetime. Most of the time you will use up most of your savings and there are a lot of people who would love to get a handle of those funds.

So, what are the steps you can take to protect your hard earned money?

1. Make sure you are getting a secure encrypted email from Escrow.
2. Even with a secure email I always recommend my clients to call the escrow agent number to double check. I provide them with a direct phone number.
3. If you get any email from escrow or agent telling you there was a change of plans and money should be sent to a different account DO NOT SEND ANY MONEY. Stop and contact your agent on the contact information you have originally received from escrow – Not the info provided on this email.
4. In case of doubt go to the escrow company and verify the information provided is the correct one directly with escrow agent.
5. Always ask your Realtor to use a company which is wire fraud insured.
6. Realtors do not handle client’s funds directly, so if anyone calling themselves a realtor, asks you for any money, step away, call the local DRE and have a chat.

While these steps might not protect you for all possibilities it does reduce the risk immensely. As always work with reliable realtors and escrow companies is just a common sense.

#wirefraud #protectyourdeposit #beaware #homebuyingscams

For any questions or to discuss your home buying or selling needs, call me at 714-698-9655

Noemi Cardoso DRE# 01988945

Seven Gables Real Estate

 

Posted on July 27, 2018 at 8:40 pm
Noemi Cardoso | Category: Buyer's Advice, Real Estate News, Seller's Advice | Tagged , , , , ,