Arcadia Realty
Wire Fraud is more common than you think.
Following wire instructions exactly is critical in a real estate transaction because wire transfers are fast, final, and difficult to recover once sent. Small mistakes such as entering the wrong account number, sending funds to outdated instructions, or responding to a fraudulent email can delay closing or result in the loss of earnest money or closing funds.
Real estate transactions are a common target for wire fraud. Criminals may impersonate a title company, lender, agent, or attorney and send fake wiring instructions that look legitimate. For that reason, buyers and sellers should never rely on emailed changes to wiring instructions without independently verifying them by phone using a trusted number.
Carefully reviewing and following the provided instructions helps protect all parties, keeps the transaction on schedule, and reduces unnecessary stress near closing. It is also important to confirm deadlines, include any required reference information, and verify the exact amount to be wired.
The safest approach is simple: use only confirmed wiring instructions, call to verify before sending, and ask questions if anything seems unclear or different. OR BETTER YET use a cashiers check. In a real estate transaction, a few extra minutes of caution can protect thousands of dollars and help ensure a smooth closing.
Arcadia Realty
