PAM DENT

Jump into Greener Pastures


434-960-0161
[email protected]
  • HOME
  • About Us
    • About Pam
    • Testimonials
    • Company Info
  • Sellers
    • Seller Basics
    • Ask Before You List
    • Optimize Your Sales Price
    • If Home Appraisal is Low
    • Inspections
      • Pre-Listing Inspection
    • If House Isn’t Selling
    • Tips To Sell a Horse Farm
  • Buyers
    • Buyer Basics
    • Make Buying Less Stressful
    • Customer or Client
    • Home Buying Steps
    • FHA and VA Mortgage Assumptions
    • If Home Appraisal is Low
    • Inspections
    • Predatory Loans
    • Horse Farm Checklist
    • Study Period
  • Area Info
    • Real Estate Property Taxes
    • Schools
    • Boutique Hotels
    • Charlottesville Medical Facilities
    • Restaurants
    • Wineries and Cideries
  • Featured Listings
    • My Featured Listings
    • BayRidge Farm
    • Historic Eldon
    • Historic Lovell c.1840
    • The Meeting Place
    • Woodbound Farm
  • MLS For Sale
    • Search The MLS
    • Farms and Estates
    • Golf Communities
    • Horse Farms
      • Soil For Horse Farms
    • Historic Properties
    • By County
    • By Price
    • By Acreage
  • Market Info
    • Market Reports
  • Blog

Mortgage Closing Scams

The American bank robber, Willie Sutton, was asked why he robbed banks and his answer was “because that is where the money is.” During his 40-year career, he stole about $2 million but Internet scammers are stealing many times that amount in phishing schemes preying on unsuspecting home buyers.

These crooks know where the money is because buyers have the down payment and closing costs and are expecting to transfer it to the close the sale of their home. The FBI, in their 2018 Internet Crime Report, stated victims lost over $149 million and the CFPB estimates the losses at over $1 billion as a result of fraud in real estate transactions. The scammers want to take advantage of the situation while it is still in the buyer’s account.

Commonly, during the closing process, scammers will send spoofed emails to homebuyers from someone they expect to hear from regarding the transaction like the real estate agent or the settlement agent. They will include false instructions for the closing funds.

Following these suggestions can help to protect you and possibly, avoid scams:

Call before you click to verify the wiring instructions to transfer funds. DO NOT use the phone number or email in the email request. Use a trusted source, preferably, in person, of contact information.
Confirm everything independently with your real estate agent and closing officer. Confirm the actual instructions with the bank before transferring money.
Verify immediately, within four to eight hours, with the title company and real estate agent that the money was received. If it has not been received, notify the bank immediately to determine if it can be cancelled.
If you believe you have been the victim of a phishing scheme, call your bank immediately and ask them to issue a recall notice on the money transfer. File a complaint with the FBI at www.IC3.gov and report it to your local FBI office.

The Consumer Financial Protection Bureau has released two documents in an effort to inform consumers about wire fraud scams that commonly occur during closings: Mortgage Closing Checklist and Mortgage Closing Scams.

This is for information purposes only and should not be considered legal advice.

Filed Under: Uncategorized Tagged With: mortgage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

My Specialties in Central Virginia

HORSE FARMS

GOLF COMMUNITIES

FOR SALE BY COUNTY

FOR SALE BY PRICE

FOR SALE BY ACREAGE

HISTORIC PROPERTIES

Blog Categories

  • Albemarle Country Homes for Sale (3)
  • Area Features (4)
  • Blog (451)
  • Brightwood VA Equestrian Homes for Sale (2)
  • Brightwood VA Equestrian Properties (2)
  • Central Virginia Historic Homes (9)
  • Central Virginia Homes (21)
  • Central Virginia Horse Farm for Sale (26)
  • Central Virginia Real Estate Properties (7)
  • Charlottesville (70)
  • Charlottesville Golf Communities (7)
  • Charlottesville Golf Community Homes (10)
  • Charlottesville Homes for Sale (50)
  • Charlottesville VA Homes (38)
  • Charlottesville VA Horse Farms for Sale (24)
  • Crozet VA Homes for Sale (1)
  • Earlysville VA Homes (3)
  • Earlysville VA Homes for Sale (4)
  • Equestrian news (43)
  • Equestrian Properties in Port Republic VA (1)
  • Farms and Estates (125)
  • Fluvanna County VA Homes (2)
  • Fluvanna VA Country Property for Sale (1)
  • Foreclosures (12)
  • Free Union VA Country Homes for Sale (4)
  • Free Union VA Homes (3)
  • Free Union VA Homes for Sale (3)
  • Glenmore (7)
  • go green (3)
  • Gordonsville VA Homes for Sale (3)
  • Gordonsville VA Horse Farm for Sale (2)
  • Green building (9)
  • Historic Central VA Home (7)
  • Historic Central Virginia Country Home for Sale (3)
  • Home selling tips (7)
  • Homes for Sale in Central Virginia (7)
  • Homes for Sale in Crozet (1)
  • Homes for Sale in Earlysville (1)
  • Homes for Sale in Keswick (4)
  • Homes for Sale in Lovingston VA (1)
  • Homes for sale in Palmyra VA (2)
  • Homes for Sale in Roseland VA (1)
  • Homes for Sale in Scottsville VA (2)
  • Homes in Charlottesville VA (23)
  • Homes in Free Union VA (3)
  • Homes in Lovingston VA (1)
  • Homes in Palmyra VA (4)
  • Homes in Roseland VA (1)
  • Homes in Somerset VA (3)
  • Horse Farm Properties for Sale in Brightwood VA (2)
  • Horse Farms for Sale in Charlottesville VA (9)
  • Information for buyers (129)
  • information for home owners (20)
  • Information for homeowners (18)
  • Information for sellers (72)
  • Keswick (1)
  • Keswick VA Homes (4)
  • Keswick VA Homes for Sale (5)
  • Listings (38)
  • Local events (24)
  • Louisa VA Homes (2)
  • Louisa VA Homes for Sale (1)
  • Lovingston (1)
  • Lovingston VA Homes (1)
  • Lovingston VA Homes for Sale (1)
  • Luxury Homes in Scottsville VA (2)
  • Market Reports (39)
  • Mortgages (9)
  • Neighborhoods (9)
  • Nelson County Homes (1)
  • New Construction, (1)
  • open houses (3)
  • Palmyra VA homes (5)
  • Palmyra VA homes for sale (3)
  • Pam Dent (41)
  • Pet Friendly Real Estate (3)
  • Places to Go (6)
  • Rapidan VA Horse Farms (1)
  • Real Estate (104)
  • Real Estate Properties for Sale in Charlottesville VA (19)
  • Real Estate Properties for Sale in Crozet VA (1)
  • Real Estate Properties for Sale in Louisa VA (1)
  • Real Estate Properties for Sale in Troy VA (1)
  • Real Estate Properties in Charlottesville VA (11)
  • Real Estate Properties in Keswick VA (3)
  • Roseland VA Homes (1)
  • Roseland VA Homes for Sale (1)
  • Roseland VA Real Estate Properties for Sale (1)
  • Ruckersville VA Homes (2)
  • Ruckersville VA Homes for Sale (3)
  • schools (3)
  • Scottsville VA Homes (2)
  • Scottsville VA Homes for Sale (2)
  • Sold Listings (26)
  • Somerset VA Homes for Sale (4)
  • Staunton VA Historic Home for Sale (1)
  • Troy VA Homes (1)
  • Troy VA Homes for Sale (2)
  • Uncategorized (54)
  • Vacation homes (2)
  • Virginia (59)
  • Virginia Equestrian Property for Sale (23)
  • Virginia Historic Homes (10)
  • Virginia Horse Farms (30)

Areas of Expertise

  • Central Virgina Horse Properties
  • Keswick VA Horse Properties
  • Albermarle VA Horse Properties
  • Charlottesville VA Horse Farms

Social

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube


Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


Real Estate Site Map

Copyright © 2016 All Rights Reserved