Instead of celebrating a closing, some US home buyers lost everything.
insert joke here, also c’mon people call your grandparents
Always call the closing attorney’s office before initiating the wire transfer on closing day. Back when I closed, I called their office and did a read-back on the wire information they had sent to make sure it was genuine. Once that money is wired there’s no take-backs
When I closed last year they refused to give any wire details in writing and told us so multiple times.
Well the article plainly states that half the wire transfers were able to be reversed/taken back…
I suspect the answer lies in paragraph 4, where I’m making the assumption that the scammers make contact directly with the buyers, and invite a payment to be made to the scammers rather than the brokers.
I suppose in a strictly legal sense, the brokers are off the hook then as they’ve no idea the scammers have asked the buyers to send a payment.
It’s scummy as fuck all round.
Oof. I can’t imagine how devastating it would be to lose a down payment. Many people, especially first time home buyers, are throwing every spare bit of savings, and need to borrow money from friends and family, for that payment.
How are these professionals not ultimately responsible in making the consumer, who seems to have done nothing wrong but trust state licensed companies and real estate individuals, whole?
You already have the answer:
… US title companies, real estate agents, and real estate attorneys.
“There must be in-groups whom the law protects but does not bind, alongside out-groups whom the law binds but does not protect.”
That’s a great quote but not really applicable here
I think when you agree to use a title company one of the things you have to sign says something along the lines of “you must check all details with us over the phone or in person. And you can’t sue us.”
Title companies are wildly insecure in regards to modern practices, and the entire real estate industry has absolved themselves of any wrongdoing via lobbying.
If he had stolen $200M in workers’ wages instead, he’d be lauded as a successful entrepreneur.
