How to Wire Money for Closing

How to wire money for closing? Overview by Chris at Hauseit® (https://www.hauseit.com).Show more

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Often times, wiring money for closing will be the biggest amount of money a person moves in their life. How can you safely complete this transaction given the prevalence of wire fraud these days?

It's important to double & triple check the account number and routing number, and the wire instructions before hitting send on that wire transfer.

Ideally, you should call the escrow agent (who is often either the seller's attorney or the closing attorney) to confirm by phone the wire transfer details that have been emailed to you.

That's because it's possible that someone has hacked the attorney's email and send you fraudulent account details. So make sure to be especially vigilant if you see different account details being sent to you, especially if you've already received another set of instructions.

Remember, as the buyer, the onus is on you to do your due diligence and know what you're getting into. If you become the victim of wire fraud, unfortunately it's very hard to retrieve the money. That's why there is the principle of "caveat emptor" in New York and California when it comes to real estate deals, meaning "buyer beware." Buyers are responsible for doing their own due diligence, hence the diligence period etc.

We explore this mystery and explain further in the following video.
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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