Honest people are honest people and hence why they continue to be victims of wire fraud. Currently during the first quarter of 2024, 1 out of 10 real estate transactions encountered wire fraud. Additionally, nearly half or 48% of the loans processed ($65 billion) were vulnerable to both wire and title fraud. (Source: Funding Shield)
And the news continues to trend toward the negative side with wire fraud issues increasing over each quarter.
Please as sellers and buyers follow the wire fraud advisory given by your title firm, your lender and your real estate agents if they are involved.
Dirt Road Real Estate does not handle any funds. However, as a licensed local professional real estate agent, I do include a Wire Fraud Advisory in all my presentation packets. Additionally, the local title companies here in Kingman, AZ, Premier Title Agency, Pioneer Title and Chicago Title all include a wire advisory in their opening documents.
This is the time to be aware, be cautious and confirm any wiring instructions before you actually approve funds to be wired.
Call, before you wire is one action you can take to save yourself thousands of dollars and not lose that dream home or all that home equity.
Feature Photo Courtesy of Pixabay.com
Any reproduction of Leanne M Smith’s blog for use by any AI or GAI, distribution or reproduction including but not limited to electronic newsletters e.g. PDF’s Internet sites or physical products e.g. newspapers, CDs without prior written permission and consent by me, Leanne M. Smith (Leanne Hoagland-Smith) is strictly prohibited.
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