Hands On Real Estate Investing

Two years ago, we bought a 3 bedroom townhouse. We took a cashier’s check to settlement. We thought it was sufficient. However, the settlement agent told us we had to wire funds to the settlement company’s account. We had never wired funds before, and we are very suspicious of wiring large amounts of money. How do we know the account we are wiring to is the correct account? What if a mistake is made? Can we get our money back?

It turns out, all went well with the settlement. We must admit we were not comfortable wiring money to an unknown account. The following article validates our concerns about wiring funds … click here.

If you are the unfortunate victim of a wire fund scam, the FBI may be able to recover the funds if the following conditions are met:

1. Wire transfer amount is $50,000 or more
2. The bank transfer is sent internationally
3. The bank issues a recall notice
4. The FBI must be informed within 72 hours

For more details on recent wire scams and how to get your money back, click here. For more about our experiences with settlement, click here. For beginner real estate investors, keep an eagle eye on your money!

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.