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Mar 23, 2023
7:27
:02
am
Acorn
All-American
Local moves can be done with cashier's checks. But wires can also be used.
I really have a dislike for scammers that hurt people, especially the elderly. I hope there is a special place in hades for them.
People buying homes are inexperienced with wires. They don't know the precautions you need to take.
This message has been modified
Originally posted on Mar 23, 2023 at 7:27:02am
Message modified by Acorn on Mar 23, 2023 at 7:27:41am
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Acorn
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Acorn
Joined
Nov 25, 2004
Last login
May 6, 2024
Total posts
18,703 (2,189 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.
Iman23
3/23/23 7:55am
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