Agents using lock boxes

Agents using lock boxes

Investor · Fort Lauderdale, FL · Member since 2012 · 1k+ posts · 465 votes

I don't know if this is a common thing, or may be it's just a pure coincidence that I came across a few times just in the last two months.

When I schedule with a listing agent to see a home, and most times it's either a short sale or REO, especially a REO, the home is vacant and you have a lock box with a four digit combination code.

Now once in a while I will be at the property on time and the agent's running late, and I would get a call from them saying "go on ahead, the code is xxxx and I'll be there in 10 minutes". I double check with them to make sure it's OK and then I go in to have a look see.

I would say out of may be two dozen homes I saw in the last two months, about six homes I was given a code to enter by myself because they were running late, and three of the homes are from the same realtor - different offices, different agents though...

The curious thing, they all have the same combination code. Three agents of the same firm in different offices, same code.

Is this typical? They just decided to adopt a single code so no one has to remember it's always that code?

0Reply
50 views

8 Replies

Jump to latestLatest
  • House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    12y

    You should be pleased they trust you and you have time to inspect without the distraction of some one telling you what your looking at. In my area it is typical for a Real Estate Firm to use the same combo on their homes. It is unusual that they allow you to go in without them. I prefer to preview a home without distraction. Just hope they continue to allow you the privledge.

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    12y

    Laziness.

  • Developer · Philadelphia, PA · Member since 2013 · 1k+ posts · 902 votes
    12y
    I know HUD foreclosures used to all use the same key in my area. I looked at so many my agent (friend of the family) gave me a copy of the key so as soon as they hit the market I'd swing by and look at them. Mind you this is 15 years ago and in a more rural area.
  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    12y

    Different banks will have one or two combinations that they use for all their boxes. If it's a HUD property, there's one combination. If it's a FNMA, there's another. Wells Fargo as a couple. As do other banks.

  • Investor · Edmond, OK · Member since 2011 · 166 posts · 31 votes
    12y

    I see the same combination all the time here in OKC. There's been a couple of homes that I just randomly stopped to take a look at, and could have gone in without asking because the code was so common. However, I didn't want there to be any trouble with me going in without asking, so I had to call the listing Realtor.

  • Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    for HUD we are supposed to use electronic lock boxes or random codes. There is no one combo and terr are different keys now too. For many other REOs they have changed from one code for a company to random codes. Chase, b of a, wells, and many others now use the last four digits of the loan number. They know what it is and the agent knows, but no one else.

  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    12y
    Originally posted by Mark Ferguson:
    for HUD we are supposed to use electronic lock boxes or random codes. There is no one combo and terr are different keys now too. For many other REOs they have changed from one code for a company to random codes. Chase, b of a, wells, and many others now use the last four digits of the loan number. They know what it is and the agent knows, but no one else.

    Good that they finally did that. Even though we're licensed, it's still just habit to walk up to every 3-letter combo box and enter OCN or AMN... :)

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    12y

    As others mentioned, be happy they entrust in you with the code. Though they are not suppose to give that code out, it happens all the time. Also, as others stated, many banks or agencies will use the same code or a same process. For example, there is one company that would always use the first four digits of the address of the home for the 4 digit code.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.