Scammers are tricking people in escrow out of enormous payments.
CBNC reports that wire fraud schemes are increasingly targeting homebuyers. Buyers are tricked into wiring their deposits, down payment or full cash purchase funds on the day of closing to a fake offshore account. Criminals have tricked, spoofed or co-opted escrow or the real estate agent’s email account. Recently, a real estate agent forwarded a spoof email to a buyer. The agent was later forced to reimburse more than $100,000 of the buyer’s damages. Losses from these scams are typically not covered or reimbursed by the bank. When the buyer wires the funds, which may be tens of thousands or hundreds of thousands of dollars, the money is a devastating TOTAL LOSS for the home buyer. Since the bank wire goes overseas, it’s nearly impossible for victims to recover their money. Victims have lost six-figure sums and had to cancel transactions on their dream homes due to this fraud. To prevent this fraud, home buyers should call the escrow company by phone to verify the account and bank wire instructions verbally before sending a bank wire. #realestate #fraud #bankwire
Downtown loft and condo buyers and renters have been victimized by identify theft fraudsters on Craigslist, fake philanthropists with bogus proofs of funds and several undisclosed lawsuits.
Did you know that around 25% of Downtown Los Angeles loft listings are currently or recently involved with some kind of litigation or lawsuit? Free reports are available to help prevent buyer mistakes and lawsuits.
Which buyer mistake will you make? Get a free report on how to avoid 6 costly mistakes, save thousands and have a smooth home purchase at www.BuyerMistake.com or fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
