Wire Fraud - Be Careful Not To Wire Funds To A Thief
Wire Fraud is real and these thieves are very tricky! Do not trust an email wiring instructions - even if it appears to come from your Escrow Company, Realtor, or someone else involved in the transaction. Make sure you also have a phone conversation and verify wiring information on the phone at the known phone number for the escrow contact. (I, as your real estate broker, would never be the person to give you wiring instructions). Those instructions come from the escrow company.
Never wire funds without first calling the known phone number for escrow and confirming the wire instructions. Do not rely upon email alone!
Every time you enter into a purchase and sale agreement I will create a Transaction Summary for you with all the contact info of the involved parties. I will also provide you with a copy of MLS Wire Fraud Form (see image below) with escrow’s contact information. If you are curious to learn more about how this scam works - read the photo attached below or ask me to send you a pdf copy of the form.
When you receive the wiring instructions via email (usually 3-5 days before closing) - do not rely upon that email alone. Pick up the phone and call the already “known phone number” and speak directly with the escrow officer to confirm wire instructions and numbers before you set up the wire transfer.
Reconsider the old-fashioned way - talk to your lender, bank, and escrow about possibly using a cashier’s check. The mortgage paperwork is always provided at least 3 days in advance now - with a mandatory 3 day hold before signing. Once that paperwork is received, the escrow company prepares the settlement statement and can let you know how much “funds to bring to the table”. If you would rather use a cashier’s check or other method - make sure you ask them how much time is needed to make sure the funds are available to avoid any delays for the closing.
Call, text, or email anytime with questions or concerns. I’m always here to help! Thank you,
Jennifer Suemnicht - Jen's Realty - RE/MAX Metro Realty, Inc.
www.JensRealty.com / 206-550-1676 / jen@jensrealty.com
