When you close on a property, you’re typically required to bring with you your portion of the funds required to close. And most people choose to wire their closing funds. Unfortunately, when large sums of money are moving around, scammers come out of the woodwork. And that’s exactly what we’re seeing in the real estate industry.
While wire fraud cases differ in the particular methods used, real estate wire fraud cases generally involve someone posing as a legitimate party to the transaction — the closing attorney, title company, real estate agent, etc. This scammer will send authentic-looking wire transfer instructions and may even include other real estate closing documents that look like the real thing, which may even have the correct sale price and other information on them. But using them will result in the money being sent to the scammers’ own bank account instead.
As an example, one recent