Criminals are always coming up with creative ideas to scam people. Especially in the age of internet transactions, where you don’t work face to face with people. It’s much easier for someone to deceive us electronically. One of the latest ways is by pretending to be a title company or real estate agent and giving false wiring instructions. Instead of wiring money to the title company to buy your home, you are wiring your money to the crooks directly. Beware of wire fraud in real estate transactions.
Here’s a brief video from the insurer for Title Company of the Rockies, one of our local title companies, that illustrates how you can protect yourself from wire fraud in real estate.
Real Estate fraud can happen in various ways and sometimes involve more than one parties which result in a class action lawsuit. It can be of various types of Foreclosure fraud, Title fraud, Mortgage fraud or value fraud, etc. To restrict such frauds – avoid rushing to finalize any real estate transactions.