Second item on the REO To-Do list: Secure the property. Many Asset Managers have a preferred type of combination lockbox and/or a preferred code for their Bank-owned properties. Some even have preferred Master Locks they want us to use. Almost all I've worked with want some kind of combination lockbox.
But are these lockboxes really secure?
There have been a number of recent occurances in our area where appliances are missing. Who would take appliances? Are they getting access through an open window or door? Or simply through a combo code that was verbally passed along?...After all, once that code leaves our lips how do we know who else knows about it?
Our area MLS uses Supra lockboxes for a reason, and I'm not taking any chances these days. Once the original BPOs are completed and Contractor estimates received, I will usually re-code the combo box, move it to another area of the property, and place a Supra lockbox on the property. This satisfies both the client's requirements and my own. (I also started putting lights on timers, which I periodically change) Sure, someone will usually find a way to break into any property if they really want to -- it just won't be from a passed-down combo code.