NEW YORK and SAN FRANCISCO, July 16, 2020 /PRNewswire/ -- On a mission to make buying and selling a home simple and certain, Knock today announced the launch of the Knock Home Swap™. A reimagined version of its 5-Star-rated Knock Home Trade-In, the Knock Home Swap provides homeowners the same convenience of buying and moving into their new home before selling their old one with the advantage of saving even more time, stress and money compared to a traditional home sale and the ability to receive top-dollar by selling their home on the open market.
"Based on the nearly 700 5-Star Zillow reviews and the number of copycats, we've clearly hit on something big with the Home Trade-In," said Knock Co-Founder & 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 dream home. They have the benefit of immediately taking ownership and earning equity in their new home while avoiding the hassles of 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.
Effective immediately, 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 to leverage the Knock Home Swap to purchase their dream home before prepping and selling their old house for the best price on the open market.
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.
"In today's low inventory environment and era of social distancing, consumers continue to welcome innovative ways to buy and sell their homes," said Mark Stark, CEO of Berkshire Hathaway HomeServices Arizona Properties. "In the midst of a global pandemic, Knock created a platform that allows the real estate sales executive to provide more certainty and more buying power when selling and buying a home at the same time. We are excited to be able to offer this unique solution to our clients."
"By partnering with Knock we are able to eliminate so many of the pain points homeowners face when it comes to buying and selling. They can make a strong non-contingent offer, move on their schedule, and don't have to deal with repairs or showings. We're thrilled to bring this service to Dallas," said Mark Johnson, CEO of JP and Associates.
"The Knock Home Swap is cutting edge, especially in today's competitive housing market where homeowners are hesitant to sell before buying a new home," said Judson Adamson, CEO of Atlanta Communities. "It's a big plus that they are partnering with agents and brokers to make this platform more broadly available to consumers."
Knock is on a mission to revolutionize how people buy and sell homes. With a Knock Home Swap™, homeowners get the certainty and convenience of being able to buy and move into their new home before prepping and selling their old one while saving money compared to selling the traditional way. Working with a local Knock Certified Agent of their choice, consumers skip the hassles of living through repairs and showings, pay only one mortgage at a time and have home prep covered upfront so their old home sells on the market for the highest possible price.
Launched in 2015 by founding team members of Trulia.com, Knock has raised more than $600 million in debt and equity, from top tier investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs. The company is headquartered in New York and San Francisco and operates in Atlanta, Charlotte, Raleigh-Durham, Dallas, Fort Worth and Phoenix with more cities on the way. Learn more at www.knock.com.
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