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A lockbox is a basically
a padlock with a cavity inside where a key to your home can be placed. Only
someone with an electronic key or the combination can get into the lockbox
and access the key. Having a lockbox available at your house makes it easy
for other agents to get access to your house.
Without the lockbox,
agents representing buyers would have to set appointments to meet you or
your agent at the house so they could gain access and view the home. This
would be inconvenient. Since almost every other house does have a lockbox
available, if you do not allow one most agents will simply not show your
property. You will miss out on lots of potential buyers.
The listing contract
specifies whether you allow a lockbox or not. It is locked into place, usually
on the front door and cannot be removed. Only other agents can access the
key that is located within the lockbox.
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