Scammers go after people at their most vulnerable. They’re looking for an easy way to make a buck – or a lot of bucks – off of you when buying your home in Roseville. The problem has become so prevalent during the home buying process that escrow companies have started creating encrypted messages to protect the wire instructions from being intercepted, switched and then used to steal the buyer’s deposit money.
Hi. This is Vicki Moore with Lyon Real Estate in Roseville, California. We’re just outside Sacramento.
And I wanted to tell you something about wire fraud. This is a huge, huge issue.
And the way it works is when you send an email to the title company or they’re sending an email back and forth to you, there are people – somehow – I do’t know how they do it. But, anyway, they’re fishing online for particular words that are involved in real estate transactions. So, you know, real estate, home, escrow, closing, deposit – that sort of thing. And so you want to be really, really careful about where you’re wiring your deposit money.
So you’ll probably see throughout the process when you get emails from the title company that at the bottom of their email it’ll say, you know, “be cautious” or “be aware.” But they don’t send wire instructions by email anymore.
It’s not been that long – I think it’s been less than a year – but an agent in my office – their buyer’s deposit was stolen. So however it works, the criminals got a hold of the email, sent them an email telling them where to deposit the money and it wasn’t the title company.
So the FBI got involved and they got back most of their money but not all of it. I think they ended up losing $35,000. So you want to be really, really careful. You want to talk to them on the phone. You want to know it’s them. Maybe have your realtor participate in the phone call. I don’t know, but just be careful when you’re wiring your deposit money to the title company. there’s a huge risk of loss there.
So hopefully that helps. Have a good day.
Vicki [@] CallVicki.com
Today’s Real Estate article Learn how to avoid the most common real estate scam when buying your home in Roseville was written by Vicki Moore, Lyon Real Estate – Roseville. You’ll find Vicki selling homes in the Great Sacramento area.
Vicki Moore, has been a licensed California Real Estate Agent since 1998. You can speak with Vicki by calling/texting her at 650-888-9268 or you can email her at: [email protected] if you have questions or need help buying or selling a home in the Roseville real estate market.
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