Cashier’s Checks versus Wire Transfers

More and more closing agents are advocating wires. A few of our investors have frowned upon wire transfers. Some prefer to give a cashier check to overnight to the closing agent. Most real estate owned property (REOs) have contracts with closing agents down south. The times are gone where agents sit down at closing with local closing agents. The forms are emailed back and forth or sent by electronic sources and so are funds these days and for good reason. Times are hard and only getting hard for some which has spurred a rash of criminal activity. Now agents have had to contend with fake cashier’s checks.

Criminals posing as professionals living in foreign countries contacted Florida brokers for assistance in purchasing properties. The criminals then provided counterfeit checks to closing agents. These type of scams waste everyones time, resources and gives the real estate business a bad name.

Foreign and local buyers please cooperate with agents when asked to provide proof of funds and/or identify.

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