Like, how does one go about this? If it matters, BofA is our partner.
4 Likes
Follow the detailed instructions provided by your escrow. Ignore any other advice you find on the Internet.
3 Likes
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.
3 Likes
How does fraud occur in this process? What leads the buyer to engage with a fraudulent title company?
3 Likes
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.
3 Likes
No, we received the instructions. I’m just unsure if there’s a specific procedure on the bank’s end.
2 Likes
Set up an appointment at your branch, and they will assist you. It’s very straightforward.
1 Like