Tampa Bay Infinity Group

ASK A REAL ESTATE PRO: "How can I protect against the ‘most expensive scam in real estate’?"

Received an email from the title company with instructions for wiring the down payment, and it says their bank account has changed and asks to send the funds right away to this new account. 😳 It looks real and uses the correct names and numbers, but something about it feels off. 🫢 Is this normal? 🤔 Trust that feeling!!

Before you move a single dollar, stop and verify the instructions by phone, using a number you already have for the title company, not the one printed in that email. If they are local, it would be even better to go down and verify in person. Independent verification is probably the best protection against what has become the most expensive scam in real estate, and that gut instinct telling you something is off may be the only warning you get!

Here is how the scam works: Criminals quietly break into the email account of a title company, real estate agent or lender and watch the deal for weeks. They learn the parties, the property, the closing date, and the exact dollar amounts. Then, right before closing, they send you a message that looks just like the real thing, often from an email address that is off by a single letter, telling you the bank account has changed and the money must go out now. Shortly after you wire it, the funds leave the country and become extremely difficult to recover. 💸💸 The scammers may try this on you, as the buyer, or even on the title company; they will strike wherever they see an opportunity.

How do you protect yourself? The easiest & quickest way - Before sending a wire, call an independently verifiable phone number to confirm every wire instruction! 🤳📲 Use the number from the signed contract, the company’s official website or another source you know is legitimate!

If you happen to send a wire and later realize something is wrong, act quickly! Because recovery here is measured in HOURS, not days! Call your bank immediately, ask for the department that handles wire recalls, and tell them to try to reverse the transaction. Then alert your title company and your closing attorney, and report the theft to law enforcement and the FBI’s Internet Crime Complaint Center (ic3.gov) right away! Many victims feel embarrassed and/or confused and wait. That delay is exactly what the scammers are counting on.

Your home closing should be one of the happiest days of your life, not the day your savings disappear. Slow down, pick up the phone, and trust your gut when it tells you something feels off!