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One Mistake Could Cost You Your Down Payment
Posted On April 10, 2019
MarketWatch contributor Kari Paul recently profiled an unsuspecting Seattle home buyer, who lost his $123,000 to an unfortunate wire fraud scam. Aaron from Portland received email instructions to wire the down payment funds to someone impersonating a representative from his title insurance company. He completed the request, and the money was wired to a scammer’s bank account instead of the title company. Today, the defrauded home buyer is a spokesman for the title company, sharing his story with others as a warning.
One simple mistake could cost you your entire down payment savings, and the home you love. Here’s how to protect yourself against real estate fraud:
The National Association of Realtors (NAR) issued its first warning about wire fraud in 2015 and continues to share strategies with real estate professionals for preventing wire fraud. Jennifer Edgerton, associate counsel with NAR, told MarketWatch, “Until the technology is able to be perfected and secured, everyone needs to stay aware of the problem and educate each other. We are dealing with international crime syndicates who are highly organized and highly professional — if we aren’t careful, they are going to keep the upper hand.”
If you have any questions about preventing wire fraud, please let me know.