Fruadulent transactions and wire fraud continue to be a problem nationwide:
- On October 31, home lender Mr. Cooper was hit with a significant cyber attack that temporarilyshut down several key systems leaving the industry unable to wire funds to pay off mortgagebalances. To date there are now six class action lawsuits filed against this company
- On November 9, the US financial services division of Chinese bank ICBC, the worlds largestbank, was hit by a severe cyberattack that reportedly affected the trade of US treasuries.
- Just last week Fideleity National Fiancial, one of the worlds largest title insurance companiessufferred a cyberattack that forced employees to do business through their personal emails.
It can’t be overstated how dangerously susceptible our industry has become to fraud.
As stated by Diane Tomb, CEO of the American Land Title Association, when speaking to the AARP:
“Four years ago, we heard about this kind of thing (real estate fraud) a couple times a month. Now its multiple times per day.
This is why we have engaged CertifID to verify parties and their banking information. When we verify
the parties through CertifID, we have insurance coverage of up to $1M per wire.
Let’s finish with a joke:
How many real estate agents does it take to change a lightbulb?
None! “The lightbulb is in excellent working order and comprised of a beautiful retro teardrop illuminator, offering original glass and metal features and located very centrally in the middle of the room. Local amenities abound and the property is serviced by a newly refurbished power cord connecting it to the ceiling. Nearby is a tasteful power switch to enable the purchaser to switch it on and off. Leasehold with share of power supply with lovingly improved wattage by the current owners. Would suit a professional couple or family looking for more light.
October’s local Chelan-Douglas real estate market continued to roll on surpassing October 2022 in sales by 13% in dollar amount and 14% in unit volume. Financed purchases continue to be about 70% of the market. We did see 9 sales of over $1MM. Overall, October was very consistent with the first 9 months of 2023.
Let’s finish with a joke:
How many real estate agents does it take to change a lightbulb?
None! “The lightbulb is in excellent working order and comprised of a beautiful retro teardrop illuminator, offering original glass and metal features and located very centrally in the middle of the room. Local amenities abound and the property is serviced by a newly refurbished power cord connecting it to the ceiling. Nearby is a tasteful power switch to enable the purchaser to switch it on and off. Leasehold with share of power supply with lovingly improved wattage by the current owners. Would suit a professional couple or family looking for more light.
October’s local Chelan-Douglas real estate market continued to roll on surpassing October 2022 in sales by 13% in dollar amount and 14% in unit volume. Financed purchases continue to be about 70% of the market. We did see 9 sales of over $1MM. Overall, October was very consistent with the first 9 months of 2023.
Other than single family homes….
- 1 Ag operation sold for $17.2MM
- 72 Land transaction totaling $22MM
- 9 Commercial properties sold for 8.5MM
- 15 Condos for $7.7MM
- 1 Apartment Building for $6.3MM
- 1 Hotel for $6.5MM
I trust you had a Happy Thanksgiving. Stay safe this holiday season.
Brian Fair