We’ve all heard the horror stories of people not receiving the money they were supposed to from a real estate transaction. I recently ran into a similar situation, and it made me stop and think. I was supposed to receive roughly $30k for the sale of my home, but instead I received $315k. Not quite $72 million, but still a lot of money!
I knew I had to take action right away and contacted my real estate agent to let them know what had happened. Our attorney and the title company were also notified. I was concerned that this could negatively affect me in any way tax-wise.
Fortunately, it was easy to correct the mistake. I wired the money back and the issue was resolved quickly. I was even able to get my wire transfer fees reimbursed and a corrected final closing statement. All I had to do was call the loan servicing company for the loan and ask them to correct the funds.
Seeing this large amount of money in my account was certainly a shock, and it made me think of the stories I’d heard about similar situations. I mean, I’m not going to uproot my life, move to a foreign country and change my identity for $300k. But for $72 million – you start thinking about it! Thankfully, my situation was much less dramatic and quickly resolved.
It’s important to be aware of the risks that come with real estate transactions and to be prepared to act quickly if something goes wrong. I’m glad that I was able to catch the mistake and get it all sorted out quickly and without any major taxes or fees. It’s a good reminder to stay alert and take action when needed.