Amid the rapid rise in real estate fraud, a new report reveals what consumers expect from their agents when it comes to protection.
Home buyers and sellers say they’re not getting enough warnings about the risks of wire fraud and other scams targeting real estate transactions, and they want agents to educate them more about protection, according to CertifID’s newly released 2024 State of Wire Fraud study.
Sixty percent of consumers say they received little to no education about real estate fraud from their agent, title agency or attorney, according to the survey, based on responses from 650 consumers who recently bought or sold a home. The majority of respondents—71%—say it’s “someone else’s responsibility” to educate them about wire fraud. They have the highest expectation for real estate agents to provide that information.
Scams Are Rising: 1 in 4 Face Threats
Real estate is especially vulnerable to fraud because data is readily available about property listings via MLS and county records; transactions involve large sums of money; and up to 10 different parties could be involved in and sharing information about the closing, the report warns.
What do we Offer as Part of our Services at Vacay & Co Real Estate
We take your security/financial safety very seriously indeed and always ensure that our clients are well aware of the latest scams and any potential scams.
Working with Sellers
We ensure that we limit the amount of people we are dealing with in the transaction. We work with ONLY the Title Company (1 person), your own FIRPTA Tax Acct, your Commercial Currency Exchange Company (for your balance transfer), and your Agent/Broker. That’s it!!
We ensure that ALL paperwork is completed via a secure esigning system from Florida Realtors system.
We ensure that our sellers are aware that NO ONE AT ALL in the transaction will be seeking any fee payments at all. NO ONE will be requiring any payments online or via phone!!
No funds are required from the Sellers until the final closing day. On this day a secured notary appointment remote is scheduled with the Title Company, confirmed by your Real Estate Broker/Agent. Prior to that your closing statement will have been sent to you for your perusal.
On the closing day, after the secured remote closing – your balance funds will be released direct to your chosen bank account or commercial currency account.
Working with Buyers
When it comes time for the buyers to pay their escrow deposit. It is highly advised that they pay either via check direct to the Title Company OR have direct contact with the Title Company to gain the Wire information so that the escrow can be wired securely from their Bank.
Once again, NO ONE is going to be calling to ask for a payment for ANYTHING during the transaction.
The only payments that will be made would be the home inspection payment, which would be arranged direct with the home inspector.
As we get closer to the closing day – NO ONE will ask you for any funds over the phone!!!
Only deal with the Title Company as soon as you are alerted by your Agent/Broker that this is the next step and that the Title Company (name of person) will be emailing you and the arranging a secured video call with you with regards to the next steps for wiring any further deposit funds.
We can’t reiterate this enough to our clients when their transaction begins and they are in contract, to make sure that they full aware of any potential scam artists contacting them. We always say, if you in doubt contact your RE Agent/Broker right away!!
We are there to ensure that all your transaction goes smoothly and successfully for you ensuring that we are protecting your information (everything is secured and private & confidential).
Please me know if you have any further questions about the selling process and I’ll be happy to set up a FREE Phone Consultation with you.
I myself, have been in this Real Estate Business for 19 years and as a Real Estate Broker/Owner here at Vacay & Co Real Estate, I am always ensuring that my team is aware of the latest scams and to ensure that our clients are aware of our protocols that we have put in place in order to ensure that they are full aware and protecting themselves against any scams.
