Real estate Attorney Len Foy, based in Nashua NH, was interviewed for this article about a Nevada man who was recently defrauded out of nearly $100,000.00 while trying to purchase a vacation home in Maine — as of last week only $9,000.00 of his money had been recovered and Bank of America informed him they were closing their file. In short, the man was tricked into wiring his closing funds to international thieves who moved the funds overseas once the money had been sent by the victim. Attorney Len Foy always cautions his clients never to initiate wire transfers without implementing and following established safeguards and observing the real estate industry’s best practices.
Read the full story here on how the prevalence of wire fraud in real estate affects both affects buyers and sellers. Check out the article written by Josh Keefe on how people may not appreciate the risks associated with wiring closing funds to real estate law firms and title companies.
With limited exceptions, Foy Law Office, PLLC and Sunset Settlement Company, LLC refuse to accept wire transfers from purchasers of real estate and insist rather on another, safer method of payment, including presenting a certified or bank check at closing. When wire transfers must be sent the wiring instructions are always confirmed verbally, and frequently more than once. All clients of the firm, and sellers, are sent initial correspondence with a “Fraud Alert” educating the recipients on the inner workings of the caper, things to watch out for, and most importantly advising clients to beware of urgent, 11th hour emails requesting a wire transfer of funds using “new” or “changed” or “updated” wiring instructions.
These embezzlement schemes are sinister, insidious and sometimes difficult to spot — to avoid being a victim, work with a lawyer who is smarter than these criminals and financial terrorists, work with Attorney Len Foy and his team of knowledgeable, vigilant and experienced real estate professionals.