The average home buyer or seller likely does not know about scams in the real estate world. The most common scam in real estate is wire fraud during closing. On instances of wire fraud i poses as an agent in order to divert closing funds to a fraudulent account. The Buyer would receive an e-mail from the fraudster claiming to provide the closing attorney’s wire instructions. The wire instructions are to the criminal’s account and the closing attorney never receives the buyer’s funds. Surprisingly, these scams are very common. Communication from a hacker can look authentic and even contain personal information.
Once a wire transfer is initiated, itis very difficult to cancel and get your money back. Wire fraud will not only delay the closing, but can force you to lose all of your closing costs.
Origin Title and Escrow is on your side to protect you from scams like this one. We send most all emails with encryption, protecting the content from being read by another other than the intended recipient.