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Combo Lockboxes. A Fales Sense of Security?

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.

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Comment by Jesus (Jesse) Gonzalez on June 7, 2008 at 7:11pm
I hate the combo lock boxes.....it just doesn't do anything to secure the property. Here in my area we use Sentry. Sentry lock boxes use a credit card type of device to gain entry. All the local Realtors who have these "credit cards" can enter any Sentry home and I can go online and see who entered the home and when. This way only Realtor gain access.

These lock boxes also have a key pad so you can program them to take a code as well. It's a bit more security however, if the bank uses the same code for all the REO's, well then, anyone with the code can get in either way.

I really wish these banks would just let us take care of the lock boxes and allow us to use whatever is standard in our area........maybe thats something we (REOPro Network) could join together on and push....hhmm....anyone else like that idea?

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