What is the most important phone call in a real estate transaction?
Is it the phone call your offer has been accepted? The phone call confirming your loan approval? The phone call confirming inspections went well? Not any of those.
The most important phone call in a real estate transaction is when a buyer calls the Escrow Officer at their title company or law firm handling their closing to telephonically verify the Escrow Account’s wire instructions prior to sending their wire transfer.
Why? Wire fraud is on the rise and criminals are hacking company emails and altering wire instructions and circulating them to buyers, lenders and title companies. Innocent victims are losing hundreds of thousands of dollars.
How can consumers prevent wire fraud?
• Obtain an independently verified phone number and contact name at your title company or attorney’s office
• Call that number and telephonically verify all that information prior to sending your funds
• If in further doubt, call the bank associated with that account and verify the information as correct
That one phone call can protect your hard-earned savings and investment and reduce the risk of fraud.
Questions? Please call us at 305-271-0100 or info@theclosingcompany.net with any questions.
