Proptech company Knock has launched Knock Nest, a standalone sale-leaseback solution that allows homeowners to access the cash they’ve built up in their home while continuing to live there. With Knock Nest, homeowners can request a no-obligation cash offer from Knock to buy their home that includes a long-term lease and repurchase option.
“For most people, their home is their single largest asset, and over 97% of homeowners1 have positive equity in their homes,” said Knock Co-Founder and CEO Sean Black. “We created Knock Nest to allow homeowners to put the equity they’ve worked hard to build to work for them — whether it’s to achieve their dreams, help with life’s uncertainties or plan for the next stage of their lives.”
Knock began offering leasebacks to customers in 2017 as a built-in feature of its core product, now known as the Knock Home Swap. Knock Nest creates the sale-leaseback as a stand-alone solution for homeowners who want to access their equity without moving out of their homes. It is designed to appeal to several groups of homeowners: those looking to lock in a sale price while home prices are at all-time highs, the newly unemployed who want to start a business or pay down existing debt or those whose mortgages are in forbearance due to the global pandemic.
With Knock Nest, the homeowner receives a competitive cash offer for their home that allows them to pay off their mortgage and receive the equity they’ve amassed in as little as two weeks. While living in the home, the consumer pays only rent and is relieved of normal financial responsibilities like mortgage payments, property taxes and homeowner’s insurance.
Knock Nest is available in select cities in Arizona, Colorado, Florida, Georgia and Texas.
