Wire Fraud in Real Estate Deals

My mouth is watering. I just got a cash offer that is 50K over asking. Why is my real estate broker hesitating?

Probably because she is aware of the continuing problem of fraud in real estate transactions.

MONEY LAUNDERING

All cash, no bank involvement, and the buyer is purchasing it through their trust. This smacks of MONEY LAUNDERING.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is cracking down on real estate professionals to flag suspicious transactions.

WIRE FRAUD

We thought everyone in the real estate game was now being very careful with WIRE TRANSFERS. But new players are coming into the industry who are naïve. Fraudsters impersonate real estate professionals and divert huge amounts of money that is gone in seconds. It will break your heart. Stay vigilant.

DUE DILIGENCE

Thank goodness for your savvy broker! They may be saving you from a mountain of grief.

Both buyers and sellers must continue with due diligence throughout the ENTIRE process.

You don’t want to be featured on national news as a victim.

Always verify wiring instructions and be cautious during financial transactions related to your real estate