Bank wire fraud in real estate. People lose their down payment to scammers. Why

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Mar 22, 2023
11:20:52pm

BNcoug All-American

Bank wire fraud in real estate. People lose their down payment to scammers. Why

is there not a better way to send this type of money? Can the bank send the money and confirm with the title company. It seems with all of our technology today, this should not be possible.

Teacher left broke after real estate scammers steal $200K in life savings

Retired teacher Vickie Ragle and her daughter Sarah found the home of their dreams but when they went to their closing, they got a message saying the title company hadn’t received their down payment.

https://www.yahoo.com/gma/teacher-left-broke-real-estate-064903882.html

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BNcoug

Bio page: BNcoug
Joined: Jan 4, 2013
Last login: Apr 25, 2024
Total posts: 3,166 (8 FO)

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Messages

Author

Time

Bank wire fraud in real estate. People lose their down payment to scammers. Why

BNcoug

3/22/23 11:20pm

I’m always 20% worried I’m being scammed by a fraudulent title company

3/22/23 11:23pm

We just closed on some land. I called the title company twice to confirm wiring instructions after reading this story.

fldnstrm

3/22/23 11:26pm

This.

mulletino

3/22/23 11:35pm

When we closed on our house, they told us they would be providing wire

UberDeek

3/22/23 11:40pm

This couple from San Diego lost almost 800k. Same thing.

SausageKing

3/23/23 12:00am

I'm doing this on Friday, should be fine but always nerve wracking

BYUFootballisBack

3/23/23 12:21am

Most regular people don't know to NEVER send a wire based on email

Acorn

3/23/23 7:23am

I'm not as familiar with the process. But you give bank the money and they wire

ordinary tri guy

3/23/23 4:53am

Usually what happens is the title company will email you instructions on where

ChiCityCoug

3/23/23 6:20am

I guess this is where I'm confused. We've purchased multiple homes and I've

ordinary tri guy

3/23/23 6:52am

Local moves can be done with cashier's checks. But wires can also be used.

Acorn

3/23/23 7:27am

Seems like a wise thing to do is create a new email when you are buying a house.

MacGyver

3/23/23 9:23am

Another bank receives the money, correct? Seems like it would be relatively easy

Doogal McCougar

3/23/23 8:29am

Often times yes. Or the money is quickly forwarded on to a foreign account.

vegasnative

3/23/23 9:10am

Usually only a few minutes in a US account, then immediately wired overseas.

Acorn

3/23/23 9:56am

I understand that the money is gone, but doesn't the US bank know who owns

Doogal McCougar

3/23/23 10:06am

Fraud is actually pretty easy. Our owner just had somebody set up two $10,000

Acorn

3/23/23 10:15am

The bank can only go off what you tell them. Usually this scams come in the form

ChiCityCoug

3/23/23 6:23am

First time I bought a home I had a scam attempt like this.

bruincoug

3/23/23 6:52am

Happened to a lady I work with. Bad stuff

3/23/23 7:25am

I’m a lender. I’ve never had it happen to one of my clients, but I’ve heard

3/23/23 7:26am

I am seeing some title companies go back to cashier's checks as a preference.

Iman23

3/23/23 7:55am

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