Assuming an empty house, a FSBO (For Sale By Owner) seller can use a lockbox for prospective buyers. Here’s what you should know:
Practical considerations:
- You can purchase lockboxes from hardware stores, home improvement centers, or online retailers
- Common types include combination lockboxes and key-safe boxes that attach to your door handle or mount on the wall
- They typically cost $20-100 depending on the model
How it works: You’d give the lockbox code to serious, pre-screened buyers so they can access the home for showings. This gives you more flexibility than having to be present for every showing.
Important safety and legal points:
- Always screen potential buyers first – get their contact information and verify their identity before sharing the code
- Consider requiring proof of funds or pre-qualification before giving access
- Check your homeowner’s insurance policy to ensure you’re covered if something happens during unattended showings
- Some sellers require buyers to be accompanied by a real estate agent for liability reasons
- Change the code frequently, especially after each showing or if you give it to multiple parties
- Consider installing security cameras to monitor who enters
- Remove or secure all valuables before allowing unattended access
While lockboxes are commonly used by real estate agents with special realtor lockboxes (like Supra systems that track access), regular consumer lockboxes work fine for FSBO situations if you take proper precautions.