π« Don't become a victim of wire fraud! Here's how to avoid being scammed when purchasing or selling your house. (Yes, this can and does happen!)
π First off, what IS Wire Fraud?
According to LendingTree: "Mortgage wire fraud is a type of real estate fraud where someone tricks you into sending your down payment or closing costs to them instead of the right person. The FBI reports that homeowners lost over $350 million in 2021 alone due to real estate fraud." π¨ Scary, right?
π The good news is there are ways to detect and prevent wire fraud so this doesn't happen to YOU
π€ Now that you know what wire fraud is, let me help you detect a potential threat:
π©Scammers will send you a very real and official looking email. They'll include your Attorney's name, email and even banking information telling you how to wire or transfer your down payment.
β DON'T DO IT! β
β DO NOT call any phone numbers that may be provided in one of these emails, and don't even reply to these emails
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Instead, pick up the phone and CALL your attorney, they can give you the information over the phone where you can hand write the numbers and instructions down.
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Another option is ask your bank to wire the money on your behalf. You could even use a good, old fashioned paper check brought right to the closing table.
