Buying a home should be exciting. Unfortunately, real estate transactions have become a prime target for sophisticated fraudsters. Enter Wire Fraud.
Wire fraud affects nearly 1 in 20 real estate transactions, with hundreds of millions of dollars stolen each year. Even more scary, it often happens at the moment buyers feel most confident that everything is moving smoothly toward closing.
Here's how wire fraud happens.
A buyer receives what appears to be a legitimate email with wire instructions for an earnest money deposit or closing funds. The email looks authentic and may include the names of the escrow officer, title company, or even the Realtor involved in the transaction. Everything appears normal.
In reality, scammers have intercepted communications, spoofed email addresses, or impersonated trusted professionals. The buyer believes they are wiring money to escrow, when in fact it has been redirected to a criminal’s account. Because wire transfers move almost instantly, those funds are often impossible to recover.
According to the National Association of Realtors (NAR), one in four consumers report receiving suspicious messages during a real estate transaction.
This is one of the many reasons the right Realtor matters.
A real estate transaction involves far more than finding a home and negotiating a price. It requires careful oversight, clear communication with trusted professionals, and an experienced advisor who recognizes potential problems before they become costly mistakes.
From the moment escrow is opened until the day you receive your keys, The Bush Capitano Team coordinates closely with the escrow and title teams, communicate directly with you, and ensure every step of the process is handled safely and correctly.
As our client, you shouldn't have to wonder whether an email is legitimate or whether your funds are being sent to the correct account. You deserve the confidence of knowing experienced professionals are watching out for you at every step.
When you work with us, you're not simply hiring someone to open doors or write contracts. You're gaining experienced advocates to negotiate on your behalf, guide you through every step of the transaction, and help protect one of the largest financial investments you’ll ever make.
About the Author.
Carol Bush is a Monrovia native and REALTOR® with the Bush Capitano Team at Seven Gables Real Estate. Since 2016, she has provided concierge-level service to more than 100 buyers and sellers throughout Monrovia and the San Gabriel Valley, helping them move through real estate transactions with confidence and peace of mind. Offices in Glendora, Monrovia, Sierra Madre and Altadena. Serving the San Gabriel Valley & greater Los Angeles area.