Take Care When Wiring Funds For Closing

Just came across yet another horror story article about a family who wired funds to the wrong account to close on their home. Luckily for them, the bank was able to recover their money. Please, please, please. When you are going to wire funds for closing, (and you will have to, if you owe more than $50,000 per IL law), call and verbally verify the wiring instructions prior to sending the wire directly with the title company. The banks will not check these instructions. They are not required by law to do so. Your money could end up in someone’s pocket in China or Nigeria or who knows where.

For more on this, I’ve attached the link to the most recent article I’ve come across.

https://www.cnbc.com/2020/10/15/how-one-familys-nightmare-illustrates-the-growing-threat-of-real-estate-wire-fraud.html