Basically - in 25 words or less.... if homebuyers send closing funds to the wrong bank account, you get screwed! Don't believe everything in writing. Pick up the phone and call.
The scam: The homebuyer receives an email from criminals pretending to be real estate agent, the closing attorney, or title agency involved in the transaction. The fraudulent email contains wire transfer payment instructions usually regarding the down payment or closing costs. Unwittingly, the homebuyer sends the wire transfer payment to the criminal’s account.
Homebuyers can exercise some steps to protect themselves from this fraud....
Steps the real estate agent may take to protect their clients....
See details in my blog post: Real Estate Wire Fraud
ACCESS BROKERAGE, INC.
Broker - Jim Parker
770-265-7293
jim@abuyeragent.com
