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Wire fraud in real estate

July 26, 2019 by Danielle Edwards

Wire Fraud in Real Estate

What to know when buying a home

Imagine spending months trying to buy a home, and finally purchasing the perfect one only to find out at the closing table your funds never made it, they are gone– that they vanished due to wire fraud. Imagine selling your home only to find out a wire fraud hacker created a fictitious email and contacted the attorney to redirect your proceeds to their account instead of yours?  It happens, a lot.

Wire Fraud: What is it?

Wire fraud is when someone obtains money based on false representation or promises. As con-artists become more sophisticated and tech-savvy, parties involved in real estate closings are regularly being targeted with wire fraud scams. These parties include buyers, sellers, realtors, and closing attorneys.

How is it done?

Most recently, the scams have focused on hacking into e-mail accounts of the parties involved in the transaction. Con-artists can gain unauthorized access to third-party e-mail accounts when just one party involved in the transaction fails to utilize e-mail encryption software. The frauds break into either the Realtor’s or the client’s email and secretly follow what is going on.

Assume that the buyer, buyer’s Realtor, seller’s Realtor, buyer’s attorney, and the seller’s attorney are all involved in an e-mail chain concerning the particulars of the closing. These emails would likely include sensitive information, such as wiring information, closing figures depicted on the settlement statement, and names/contact information. Now assume that just one of the parties involved in this e-mail chain failed to use encryption software. With the assistance of readily available computer software, a con-artist can easily intercept the entire chain of emails from any individual who replies to or forwards an email without using encryption software. Now, the criminals have everything they need to engage in wire fraud.

How do I avoid it?

Criminals are posing as attorneys with a similar email address to send fake wire instructions to clients. Therefore, the safest practice is to go to the closing attorney’s office in person and pick up your wire instructions. Sometimes, the fraud will pose as the attorney and contact the sellers to ask where they’d like their proceeds sent, and intercept them.  In both cases, the money is wired to a bank account that belongs to the fraud. At this point, the funds are usually beyond reach of the correct banks or the FBI, well before the scam is even discovered.

Sellers should always bring a voided check to closing.  Sellers should also verify when the wire is being sent and if it was received.

If you are involved in a real estate purchase, you should take steps to ensure that you don’t become a victim of wire fraud by verifying that you and the professionals representing you are using encrypted email software.  If you receive anything fishy or out of sorts do not email back.  Call the correct number your Realtor should have, or that is on letterhead to verify.

What if it happens to me?

Many individuals and law firms have fallen victim to these scams, which have resulted in the victims going bankrupt and law firms and real estate companies going out of business. If you are an attorney, Realtor or other professional involved in the real estate closing, and one of these scams succeeds due to your failure to utilize encrypted email, you can expect for the victim to look to you for reimbursement.

What does wire fraud look like?

These scammers are getting very good at scamming to gather your information with texts, phone calls and emails.  Remember, rarely will a company call and ask for your social or credit card over the phone.  You are better off hanging up and calling back the main number that is correct. Be wary of Google.  They might take a phone number for GODADDY and change one digit in their phone number.  So, the person who quickly glances to ensure it is correct will be mistaken.

What does fraud look  like?  It comes in many different forms. Have you received one of these texts or emails?








Stay safe out there! If you ever have any questions or concerns involving the real estate process, contact me! I am always here to help.


Danielle Edwards

REMAX EXECUTIVE
Charlotte, NC
Realtor NC/SC
www.soldondanielle.com
704-604-2999
drivendanielle@gmail.com

Danielle Edwards

Filed Under: Advice Tagged With: best realtor charlotte, Buying a Home Ballantyne NC, Charlotte, danielle edwards, Real Estate Agent Charlotte NC, realtor ballantyne nc, remax agent ballantyne nc, Remax Agent Matthews NC. Remax Real Estate Agent Matthews NC, Remax Agent South Park NC, remax broker ballantyne nc, remax broker matthews nc, Remax Broker South Park NC, remax executive, Remax Real Estate Agent Ballantyne NC, Remax Real Estate Agent Charlotte NC, Remax Real Estate Agent South Park NC, remax realtor ballantyne nc, Remax Realtor Charlotte NC, remax realtor matthews nc, Remax Realtor South Park NC, Selling a Home Ballantyne NC, what to know about buying a home in charlotte, what to know about selling a home in charlotte, wire fraud

Sold in Charlotte! Beautiful Wilshire home

April 4, 2019 by Danielle Edwards

Sold in Charlotte! Beautiful Wilshire home

This house in Charlotte sold for $422,000 – over list price with multiple offers. Contact me if you would like the same results!

Suburban South Charlotte Home

Sold in Charlotte! This suburban South Charlotte home includes all the bells and whistles, from a smart-home package, to kitchen upgrades, the perfect backyard, and the ideal location; As a result, the buyers of this home didn’t have to settle for anything, it was all included.

The House

This South Charlotte home has everything the modern buyer is looking for. For instance, it’s complete with top notch upgrades throughout, a lush front lawn and peaceful back yard, and access to the best in Charlotte. An addition, it also boasts an open floor plan with natural light.  Also, the new soft-close cabinets have strategically placed hidden outlets inside!

Moreover, 7218 Broadford Court boasts brand new stainless steel appliances, granite countertops and LED dimmable recessed lights made this home irresistible. Lastly, the Smart Package for this house included Wemo exterior lights, Rachio irrigation system, and Nest thermostats

Zillow video tour– Click here! (scroll through pics till you see the video play button)

Photo Gallery

Suburban South Charlotte home





Suburban South Charlotte home

Suburban South Charlotte Home
2019- 7218 Broadford Ct 100.8% over list- 2019


Suburban South Charlotte home


The Area

It doesn’t get much better than this. Just minutes from Trader Joes, Fresh Market, StoneCrest Shopping Center (so many awesome shops) and only 10 minutes to Southpark Mall! You won’t have to go far to get all of the places you need to go, but you’ll love the commute all the same.


www.soldondanielle.com

Danielle Edwards

Filed Under: Closed Portfolio Tagged With: Buying a Home Ballantyne NC, Charlotte, charlotte homes, Charlotte NC, Charlotte realtor, Charlotte Suburbs, danielle edwards, for sale charlotte, moving, Real Estate Agent Charlotte NC, realtor ballantyne nc, realtor charlotte, remax agent ballantyne nc, Remax Agent Matthews NC. Remax Real Estate Agent Matthews NC, Remax Agent South Park NC, remax broker ballantyne nc, remax broker matthews nc, Remax Broker South Park NC, remax charlotte, remax executive, Remax Real Estate Agent Ballantyne NC, Remax Real Estate Agent Charlotte NC, Remax Real Estate Agent South Park NC, remax realtor, remax realtor ballantyne nc, Remax Realtor Charlotte NC, remax realtor matthews nc, Remax Realtor South Park NC, Selling a Home Ballantyne NC, south park, southpark realtor

Cameron Wood Home sold

March 14, 2019 by Danielle Edwards

Cameron Wood Home sold

This Cameron Wood home in South Charlotte sold fast!

Home sold in Cameron Wood

About the Home

Because of a convenient location that couldn’t be beat, this Cameron Wood home sold fast! Why is the location so great? Well for example, it’s just minutes from Southpark and Interstate 485. In addition to the incredible location, the home boasts plantation shutters, a beautiful green lawn, and a big backyard with a screened-in porch.

Moreover, inside the home you’ll find stainless steel appliances, granite countertops and fresh, gray paint that will match any style of furniture! In addition to the kitchen, this home also has a fully renovated master bath, complete with top-of-line cabinets and an oversized shower!  Lastly this home also features a great utility storage area.

Front of home sold in Cameron Wood

Kitchen of home sold in Cameron Wood
home sold

home sold


home sold



home sold

home sold
home sold
home sold

home sold
home sold
home sold

About the Community

For starters, Cameron Wood is a beautiful, established neighborhood in South Charlotte. Additionally, this area is a short commute to uptown Charlotte AND Pineville. Because the neighborhood is just minutes away from interstate 485 and interstate 77, you’ll be able to hop right on the highway and get anywhere in Charlotte. Park road also connects the Pineville area to uptown, making every area of Charlotte quick and easy to access from this neighborhood. Furthermore, Cameron Wood is an excellent lifestyle community that often hosts events and activities. With this house, you’ll find more than just a home. You’ll be a part of an amazing community.

_____________________________________________

For more information please contact Danielle Edwards.

www.soldondanielle.com

Danielle Edwards will get your home sold fast

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Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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