REALTORS! Don't miss this great event. Property PreQual (PPQ) will be the biggest 'disruption' the real estate industry has seen in years. But, unlike other disruptions (think iBuyers)...we want exactly $0 of your commissions. PPQ will be a nationwide service, but it's all starting in Tampa Bay (lucky you!).
Attendees of tomorrow's Zoom meeting will instantly rise above those who choose to miss it. And, each guest will get an incredible FREE gift!
Here's a great article on wire fraud. If you're a 'speed Facebooker' like most and it's too long to read...just check out items #10 through #14 under the heading 'Compromised Email Scams Are On The Rise'.
The loss numbers are staggering, and still growing. Items 12 and 13 of the article show that wire fraud losses grew from $19,000,000 in 2016 to $969,000,000 in 2017...an incredible 5100% increase! Stats for 2018 and 2019 show even more losses.
The real estate industry has developed several preventative measures, which primarily focus on dodging liability...as opposed to protecting the individual consumers. Although these tactics help, those committing the crimes are always several steps ahead of those trying to curtail/stop them.
Once again, the only 100% effective way to NOT becoming a victim of wire fraud....is to NOT send money via wire transfers unless absolutely necessary. And, NEVER ask the title company to email them to you. TIP: Lenders funding transaction or being paid off from one basically never get hit by wire fraud. Why? They all use the old-school fax machine to transmit their wiring instructions back and forth to the title company. Also quite safe is a text message (sent directly to the buyer by the closer at the title company) containing an image of the wiring instructions.
That said, certified funds are still (by far) the safest way to handle large $$ payments for buying properties.
Certified funds drafted by your bank and payable to the title company=No Risk. 👍
Wire transfers from the same bank, sent to the title company=High Risk. 👎
This seems simple but, unfortunately, human nature is that folks tend to think 'it won't happen to me'....until it does and they're in financial ruin 😭