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It was the down payment on the house in this case. And was actually a lot more than $12k. It has to be a wire transfer since checks take so long to clear and th
by ballenf 6y ago
It was the down payment on the house in this case. And was actually a lot more than $12k. It has to be a wire transfer since checks take so long to clear and the title can't transfer with that uncertainty.
My advice to anyone buying or selling is to get the attorney's phone number from a known good source in advance, and call them to verify the wiring instructions before submitting. Also compare the bank account name down to the character with the real one (although I don't know how hard it is fake this). Your bank should read off the bank account info you're sending to before you give the confirmation to proceed.
- Reelin 6y ago> It has to be a wire transfer since checks take so long to clear and the title can't transfer with that uncertainty. Why was an escrow service not an option?
- sukilot 6y agoEscrow is an option. They require wires. Checks can be uncleared long after they clear (another common scam, since checks have no security model), so nobody sane accepts checks from stranges for large numbers.