Sellers and buyers don't need agents right now. Thanks to Zillow, the price disparity is moot. I knew more than my past real estate agent when I purchased my current house (it was a corporate move or I wouldn't have used one.)
Wire transfers should be instant and irreversible, that's why scammers use them. Where have you seen one that takes 7 days?
When you are moving large sums of money between well known institutions the money is very illiquid, mostly to prevent mistakes, fraud, etc. It’s why most fraud that you hear about involves movement of money overseas or into another type of asset or more liquid form, e.g bills, physical goods etc.
No one sits their stolen funds at chase bank… Makes blockchain and NFTs the perfect gateway for fraud.
https://www.bloomberg.com/opinion/articles/2021-02-17/citi-c...
New payments contracts now include "revlon clawback" clause. The blockchain analogy is a buggy smart contract that gets fixed.
If this was done by check, Citi could have simply cancelled the check.
The money is often frozen completely then returned to the defrauded party if caught quickly enough. Sometimes banks try to screw over people who are found to be victims of fraudulent transfers after the money has been pulled from the receiving bank.