Successful marketing means that buyers need to be able to imagine the house as their future home. Nothing puts a damper on that more than having the current owners hanging around. That is one reason why the lockbox is such a key tool for real estate agents. A lockbox is a hollow metal box that attaches to the front doorknob or some secure place nearby. Inside the hollow area is another matchbox sized box that contains the key to the house. When an agent opens the lockbox, that smaller container slides out and the agent has access to the house key. The lockbox gets its name because it is a locked box. A stranger cannot come by, open the box, get the key and gain entry to the house. | Most modern lockboxes have a tiny microprocessor inside. You need an electronic key to open it and the only way to get a key is to be a member of the local Multiple Listing Service. All of the keys have a unique identifier so when someone opens the box, the microprocessor inside “registers” the agent who opens it. Agents are forbidden to let another agent use their electronic key. Since the box is “reset” just before being placed on the door, any agent who opens the box can be identified — as well as the date and time they entered the house. When necessary, the lockbox data an be downloaded to determine who entered the house. This is a security measure to protect the homeowner. But the main purpose of the lockbox is to... - (continued, page 2) |
After the buyer's home inspection, some major and minor flaws were discovered. I don't want to fix them all. Who pays? Answer: Unlike most contracts, a real estate purchase contract has certain items that are generally negotiated during the course of the contract. With home inspections, most contracts provide a certain number of days for the inspection to be performed, then a certain amount of days for the (inspection, page 3) | If the seller offers a carpet allowance, are they supposed to add it to the loan amount? That means we are paying for the carpet. Answer: Sort of. Suppose the carpet costs $4000. If you had not asked for the carpet allowance, then you could have probably bought the house for $4000 less. But there is a bigger issue. Most lenders nowadays don't allow carpet allowances. (page 2, carpet) |
