Don’t let it be for scammers and cybercriminals as well. Here are some tips to avoid being a victim:
- Most dangerous scam: Wiring money to a fake title company. Nowadays title companies require money be wired to them, this much is true. Typically you would contract them in the beginning of the transaction and wire the money directly to them one to two days before closing. Always double check to make sure you are wiring the money to the right company for the right amount to the right account number. You will not get an emergency call, email, or other communication requesting that you wire the money to another destination early or urgently. (Remember that wiring is one way-wiring to the wrong source will, in essence, terminate the transaction.)
- Email hijacking: Realtors, Lenders, Title Companies, etc. are not immune from hacking. If you get a legitimate email, text, etc. from someone you “know” within the transaction, but it doesn’t make sense, definitely pick up the phone and confirm. Obviously you don’t need to do this for every email, but if something is out of the ordinary, or money is involved, double checking is prudent.
- Don’t get too personal on social media. It’s great to post pics of your house, how happy you are with your agent, and other wonderful news, but definitely stop short of sharing anything that would give criminals a way in to impersonate you.
- There are other miscellaneous minor scams to be aware of. After you buy your home, and the records are public tax record, you will be very popular. You may get offered discounts for home improvements, pizza, and the like, but you may also get other offers.
- Send us $84 for a copy of your title. A scam for sure, but not illegal, because for $84 they will send you a copy of your title, a copy which you will already get for free from your title company as soon as the court records it.
- Mortgage Insurance. Not a scam, and not illegal. Just a waste of money. Just contact a credible financial advisor and get life insurance, cheaper and better deal.
- Sign up for bi-weekly payments. Companies will charge you to do this for you. It is neither a scam nor illegal, but a complete waste of money. Paying off your mortgage faster than scheduled is possible and easy to do yourself. Just ask me how – for free!
- Everything else – you may get something new, something not listed here. When in doubt check it out! Call your Realtor at the Pomfrey team and/or your lender for clarification.