Eric Kodner, CRS, Madeline Island Realty, LaPointe, WI 54850 -  (Madeline Island Realty)

Spam prevention
Rainmaker
2,683,552
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Monies that are wired into escrows remains their responsibility and concern

Apr 20, 2016 12:47 AM
Rainmaker
2,099,747
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

In my area, the closing attorneys are sending wire instructions via secure email and agents are told not to email wiere instructions over unsecure email accounts.

Apr 19, 2016 09:36 PM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

No, not as of yet.

Apr 20, 2016 05:04 AM
Rainmaker
397,256
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

When wiring, I advise the client to call escrow and verify the wire information they've received is accurate.

We've been told there have been cases where hackers create an authentic looking email they send to the client.  The email has wire instructions that direct the funds to the hacker's account.

My understanding is that the emails are much more believable than the ones claiming to be from Nigerian royalty, government officials and the like.  

Apr 20, 2016 02:37 AM
Ambassador
5,696,016
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

The last time we used a wire transfer was while buying from Ocwen, using their Indian closing company.

We closed at my bank and they were very nervous for days surrounding this transaction.

But in the end all worked out well.

Apr 20, 2016 02:15 AM
Rainmaker
4,298,416
Richard Weeks
Dallas, TX
REALTOR®, Broker

I have not experienced problems with wires, but I leave it up to the client.

Apr 20, 2016 02:06 AM
Ambassador
3,145,204
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It is still a matter of convenience.  It is the banks job to verify transfers. I recently had several commissions wired into my bank ... who took great measures to verify the validity of the wire. They asked a ton of question that only I would know.  It was frustrating for me yet I understand the necessity. to do so. 

Apr 20, 2016 12:54 AM
Rainmaker
3,376,134
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I think the key is not click on any link but initate the tramsfer at their bank themselves 

Apr 19, 2016 11:21 PM
Rainmaker
3,070,784
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

That's up to the lender, the title company, and the Buyer!

Apr 19, 2016 11:10 PM
Rainmaker
1,708,235
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We have not been affected by it.

Apr 19, 2016 10:16 PM
Rainmaker
4,244,027
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Not yet.  We do have an advisory for all parties in the transaction to acknowledge about wire fraud.

Apr 19, 2016 09:56 PM
Rainmaker
4,507,359
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wire transfer is the only way acceptable here!

Apr 19, 2016 09:54 PM
Ambassador
2,105,542
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Our title companies do not accept "certified" funds anymore because there have been counterfeits there as well.

Apr 19, 2016 09:35 PM
Rainmaker
3,335,183
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Here the title company "controls" that method and there has not been a change yet...though we agree...old school is a better safer school.

Apr 19, 2016 09:29 PM
Ambassador
3,724,077
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Eric, certified checks are looking pretty good right about now.

Apr 20, 2016 12:18 PM
Rainmaker
1,424,650
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm not seeing any additional precautions taking place.  Wires are still happening and are the easiest for the clients.

Apr 20, 2016 07:35 AM
Rainmaker
5,579,057
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

rarely do we have a wire transfer of funds....the buyers bring a bank check...

Apr 20, 2016 06:47 AM
Rainmaker
2,707,335
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

It has not been an issue here, secure email seems to be keeping the scammers at bay.

Apr 20, 2016 06:26 AM
Rainmaker
1,549,295
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

The communication. My escrow girls are very good in it. If someone else would reach my client, I have only one answer: do not do anything without our confirmation, pick up the phone and call the escrow.

Apr 20, 2016 06:11 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

The lawyers handle closings in my area.

Apr 19, 2016 09:46 PM
Rainmaker
786,078
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

I typically see certified checks at closing & rarely a wire.

Apr 19, 2016 09:39 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not heard of it.

Apr 19, 2016 09:23 PM
Rainmaker
457,462
Brenda J. Andrew
ULTIMA REAL ESTATE - Willis, TX
Professional Realtor in Corpus Christi, TX

I haven't had any issues with this but will keep my eyes opened regarding it.  I just let people do what works best for them.

Apr 19, 2016 09:17 PM
Rainmaker
1,759,139
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

We are not going to, they've already changed the system over & that's that.

Apr 19, 2016 09:01 PM
Rainmaker
961,413
Peter Mohylsky. BRIX REALTY
Brix Realty - Destin - Miramar Beach, FL
BRIX REALTY -DESTIN

I was not aware of this problem, thanks for sharing.

Apr 19, 2016 08:53 PM
Rainmaker
4,275,984
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not sure if I have heard about this.  My title company sooner have a wire

 

Apr 23, 2016 01:27 AM
Rainmaker
5,261,880
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I always let my current clients know there could be scams, and to be on alert!  

Apr 23, 2016 12:54 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I was just talking about this with out closer and the company is keeping a close watch on this

Apr 20, 2016 12:49 PM
Rainmaker
579,246
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

I have closings coming up and all my clients are asking about wire transfer risks.

I'm reading some comments here that are a bit disturbing. A few responses sound like "not my problem" or "we're not going to change and that's that" or "it's the client's problem" or "it's the bank's responsibility".

What I'm asking is this. When a client calls you to ask how they should proceed to make funds available at closing, what do you tell them? Are you qualified to tell them with confidence who is actually responsible? Remember that we are not licensed to practice law.

How do you think clients will respond to your saying "not my problem"?

Apr 19, 2016 09:57 PM