Like, how does one go about this? If it matters, BofA is our partner.
Follow the detailed instructions provided by your escrow. Ignore any other advice you find on the Internet.
To explain further, this part of the transaction is highly susceptible to fraud.
If you fall victim to a scam, your down payment could be stolen, and you may have no way to recover it.
How does fraud occur in this process? What leads the buyer to engage with a fraudulent title company?
There are several methods, but it typically doesn’t involve a fraudulent title company. It’s usually a phishing email designed to make you think it’s from your title company.
Fraudsters can identify if you’re looking for a house (this data can be bought from a credit agency). They only need some indication of a home purchase or they can create a fake mortgage website to collect emails from visitors (you may have agreed to this in a random TOS years ago). They then send a phishing email at the right time. If it arrives when the buyer expects wire instructions, they can be tricked. These emails are often A/B tested, making them quite difficult to identify as fraudulent.
No, we received the instructions. I’m just unsure if there’s a specific procedure on the bank’s end.
Set up an appointment at your branch, and they will assist you. It’s very straightforward.