Scary Real Estate Scam

There is a new, frightening scam rocking the real estate world right now that you need to know about. Some victims have lost hundreds of thousands of dollars from it. It involves sophisticated cyber criminals using email phishing technology to steal from unsuspecting victims at the time of closing. The great news is that the way to stop this from ever happening to you is so simple. When you here the solution, you will be dumbfounded by how easy it is. Watch this quick video to learn what this scam is all about and how to avoid it from ever hurting you.

Comments

  1. Homer L McKenzie says

    Phil ,

    I am a Los Angeles CA based loan broker for Personal, Hard Money and Residential Purchase loans and I just wanted to say the (Thank you) seems hardly adequate for this irreplaceable pearl of wisdom.

    I am in your debt sir.

  2. Cherie Tormey says

    Thanks Phil! Cyber crime is the new criminal frontier….

  3. Armando Perez says

    Hi Phil
    This is so true.It did not happen to me but I new about it at the title closing last month.They did not accepted my WT instruction and that was the reason.There was necessary couple phone call and after that deal was closed.
    Thank you to let me know.

  4. Nhu Finney says

    Wow. Thank you so much for sharing. You make this world better.

  5. Jose Gonzalez says

    Phil, you are among the nicest people in the world to offer SO MUCH valuable REAL WORLD advice to your viewers. I’ve watched quite a few of your videos and I must say, you are one of a kind.. a true life saver. May God bless you always.

  6. Catherine T Murray says

    I was just on the phone with my new attorney asking him about legal questions. He was very helpful then I saw your email and I am not surprised about the scam thank you thank you thank you

  7. Alice Hoagland says

    Thanks for your sage advice, Phil. As a member of the Baby Boomer generation, I have no fear of picking up the phone and making the call to the title company, attorney or other legitimate receiving party and verifying the wiring instructions digit by digit. I learn a great deal from many of your videos. Appreciate your “public service announcement.”

  8. Moses Velasquez says

    Thank you very. This is right on time because I am planning on buying a house.

  9. if they will not take a check no deal

  10. I’ve closed on four properties. My lawyer doesn’t take or send wires, ever, because of this. He knows clients who have lost tens of thousands on this scam. The fix is just what Phil said: call and verify the wire instructions. Wire transfers are instantaneous and generally irreversible.

  11. GOOD MESSAGE AND YES IT HAPPENS……….BUT WHY HAVE YOU NOT EXPLAINED
    TO THE VIEWERS THAT NO ONE CAN OWN PROPERTY IN THE united states because of the take over in 1871 of the CORPORATE UNITED STATES AS THE SOUTHERN STATES LOST THE WAR FOR STATES RIGHTS and hence also the right to own property……….if we in any state fail to pay property tax on our so called property we are evicted….so whats with the think of being a property owner….it does not exist……….i do own a simple hammer and tools…..and pay a sales tax only one time on that item but not so with any real estate purchase….which is currently a forever RENTAL PAYMENT UNTIL DEATH OF THE CURRENT LEGAL ENTITY….your thoughts????????????????????????????

  12. Hi Phil,

    As always, thank you for all that you do! Great piece of information. Thanks a bunch!

  13. John Washington says

    Thanks for taking the time out to talk about how to become a real estate investor thank you so much,

  14. Kayton place group says,
    Thank You Phil,that information is so extremely important. but then everything you say is important!
    Thanks again.

    PS;Mike is absolutely right also about “Owning” out right in _most Estates.I believe there is a way out of that,with a lot of
    paper work but I’m not qualify to explain it. yes would love your thoughts on that. By the way we do ‘own” RE for quite a while and if you do not pay your taxes(rent),you get evicted, (foreclose on). Very good point Mike.

  15. Good comments and proper procedures to verify with Title Company or Closing Attorney.

    This has been happening for a few years now but still a potential problem.

    Good job!

  16. Thank you so much Phil! Just passed this information on to some friends who are on the cusp of purchasing a home.

    Wonder if Zander or Lifelock would cover this lost money?

  17. Mary Stead says

    I had not heard of this, so thank you so much. Someone should shout it from the rooftops!!!

  18. Toni Kelly says

    What a terrible thing to happen !! Thank you Phil, for the warning !!!

  19. What a great guru within its own rights … generous speaker whom provide audiences with free ebook to start with and unlike many speakers just selling a product per se!

  20. Sharon King says

    Comment to Mike who doesn’t own R.E. because he doesn’t like Property Taxes….Mike, the Prop. taxes cover specific Community Amenities such as Schools, Road Maintenance, Local Police Services, etc. Apt. Building Owners pay the cost for each of the Tenants which is Tax Deductible for the Owner, but not so for the Tenant who pays Rent which theoretically covers the property tax bill proportionately via the Units Rental Income. So YOUR philosophy keeps you enslaved by Tenant responsibilities to the Buildings Owner. ๐Ÿ˜The Owner gets his mortgage paid, which over time, becomes Equity ( cash) and gets to pay little or no income tax on his Rental Income because of his Tax Deductibles Advantage…So which one would YOU REALLY RATHER BE? The slave Tenant? Or the Cash Rich Landlord???๐Ÿ˜ถ???

  21. This scam is happening in the UK too. Quite a few people have lost huge amounts of money. Great advice as always Phil. Many thanks.

  22. Interesting

  23. Precisely.
    God Bless America!

  24. Karyn McDonald says

    Another easy fix for this is for the banks to have a 3-day hold on any real estate related wire transfer. It should not be instantaneous and irrevocable.

  25. Bartholomew says

    Great video

  26. William Powers says

    This happen to one of our clients. $235,821 gone. Fortunately the title company accepted reasonability for the loss and covered it after 2 months of review.

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