Why Should Real Estate Agents Tell Their Clients to Stay off Social Media Until the Transaction Is Finalized?
Homebuyers and sellers get super excited when the closing of their real estate transaction approaches, and they may be tempted to announce details on their Facebook page or share the photos of their prospective home on their Instagram account.
But with fraudsters scraping accounts looking for such tidbits, encouraging a little social media abstinence could save the deal.
What Possible Danger Can There Be in Celebrating My Upcoming Transaction on Social Media?
Homes in transition can be targets for break-ins. Posting detailed information about the home, including photos or layouts, can provide thieves with a blueprint for planning their next caper. In addition, information about move in/move out dates can be exploited for potential thefts.
Well, Hello! I Have No Intention of Posting Photos, but I Am Planning a Party to Celebrate. Is That a Problem?
Making fraudsters aware of the exact date of a real estate closing provides them with just the information they need to infiltrate the transaction. Spear phishers use researched details from social media to craft highly convincing, targeted fraudulent messages. In a real estate transaction, they will send messages to buyers, sellers, real estate agents and title agents trying to manipulate someone in the transaction into diverting wired funds to fraudulent accounts.
Even information that appears innocent may be enough for a fraudster to start connecting the dots. And most importantly, never announce the date, time or location of the closing in advance.
What Can I Post About My Pending Transaction?
Nothing. If you have been posting every day about getting your home ready to sell or about the ups and downs, joys and heartaches of your home search, once the contract is signed, it is time to go completely SILENT on social media. Criminals are becoming increasingly adept at building deep-fake personas based on the most miniscule of details you post to your account and then using that information to interfere in the transaction.
At FAN, we maintain the highest standards in providing title, escrow and closing services throughout Florida, and in addition, we are dedicated to protecting the integrity of the real estate transactions we manage. Contact us today to learn how we can help you with your next transaction.
