In an effort to make the home-buying process faster and more certain, Knock has launched the Knock Home Swap. A reimagined version of its Five-Star-rated Knock Home Trade-In, the Knock Home Swap allows homeowners to buy and move into their new home before selling their old one.
“Based on the nearly 700 five-star Zillow reviews and the number of copycats, we’ve clearly hit on something big with the Home Trade-In,” said Knock Co-Founder and CEO Sean Black. “We’re innovating again today. By fully integrating bridge and mortgage financing into the Knock Home Swap, we’re providing consumers and agents with a unique solution that has clear advantages over a traditional home sale or a quick and expensive sale to an iBuyer.”
Offered exclusively through agents who have been trained as a Knock Certified Agent, consumers receive home financing directly through Knock to make a strong, non-contingent offer on their new home. They have the benefit of immediately taking ownership and earning equity in their new home while avoiding living through repairs and showings, and have home prep taken care of for them prior to listing.
The Knock Home Swap includes a fully integrated and competitive mortgage. It also includes an interest-free bridge loan to cover the down payment on the new home as well as mortgage payments and up to $25,000 for home prep and repairs on the old house so it can sell for the highest price possible on the market. As part of its Home Prep Concierge, Knock provides access to its approved contractor network and manages the payment of all bills upon completion of work. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn’t sell within six months. Ninety percent of Knock homes sell in 90 days or less.
Consumers can work with a Knock Certified Agent at Atlanta Communities Real Estate Brokerage, JP & Associates Realtors in Dallas-Fort Worth and Berkshire Hathaway HomeServices Arizona Properties. With these partnerships, Knock will no longer market directly to consumers, underscoring its commitment to partner with the industry and the value a local agent brings throughout a real estate transaction. Knock plans to expand the program to 11 markets by year-end and operate in at least 21 markets by the end of 2021.
