June 15, 2019
It’s the middle of the home buying season. We’re all busy and juggling many transactions simultaneously. It’s a perfect time to remember to talk with your clients about wire fraud and business compromise email. Sorry for the buzz kill. Hardly a week goes by now that I don’t read a story about a victim or almost victim of real estate wire fraud.
Here’s a short list of ways to help your clients avoid a disaster.
• Coach them to be vigilant and suspicious of any email or text communication that requests actions regarding their money.
• Ask them to verify any instructions that they did not receive in person. They should call to verify wire instructions by using trusted phone numbers from an independent source.
• Explain what your process is and what you will do or never do with regard to their closing funds.
John Bethell Title is reaching out to consumers early in the transaction to explain our process. We can use your help. The more voices that communicate about wire fraud, the more likely a disaster will be avoided.
In May we helped 523 people buy, sell or refinance their homes. We furnished seller side closing statements two or more days prior to closing in 90% of our transactions and averaged 4.6 days prior, overall. We issued title commitments covering Monroe County properties within four days of receiving the order 75% of the time and our average time was 3.81 days.
We appreciate the continued opportunity to help you and your clients through such an important event in their lives.
John Bethell Title will be closed for business Thursday and Friday, July 4th and 5th. Enjoy the summer!
~ John Bethell