In October, Jill Chodorov of the Washington Post contributed an article about Hackers tricking home buyers into wiring them settlement funds.

Because this is very important and could cost your client a lifetime of savings it’s worth reiterating.

The scam begins with an email from your real estate agent or the escrow company requesting that funds are to be wired to an account for settlement.  The email purports a last-minute change in wiring instructions.  Coming from escrow or your realtor…why would you second guess it.  You wire the funds.

Soon you will receive a call from the title company just before settlement and they will be asking why you haven’t wired your funds yet.  Talk about a heart-sinker.

These scams are not new, but with enhanced technology they are becoming more common.  The take away?  Speak with your Realtor before you do anything involving your transaction.

To read the full article in the Washington Post click here.

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