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

Mar 23, 2023
6:52:50am

ordinary tri guy Truly Addicted User

Never once been given instructions on how or who to wire money to. This has always been handled by the title company or someone else.

I simple show up with money and hand it off.

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ordinary tri guy

Previous username: whiteninja
Bio page: ordinary tri guy
Joined: Nov 24, 2008
Last login: May 6, 2024
Total posts: 23,135 (2,094 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

YIsForBrigham

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

HoustonCougar

3/23/23 7:25am

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

The Godfather

3/23/23 7:26am

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

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