Agents in nine new U.S markets are eligible to become Knock-certified as the rapidly growing mortgage proptech will begin offering its Home Swap to more cities in Arizona, Florida, Minnesota, Tennessee and Texas.
The Knock Home Swap is a service that empowers homeowners to move into a new home before selling their existing house. Families are able to make a non-contingent “same-as-cash” offer thanks to Knock’s unique home financing model, which also makes available to customers a bridge loan of up to $250,000 to cover mortgage payments on the current home and pre-market maintenance and concierge services.
Knock seeks brokerage partnerships in each new market to ramp up availability of its Home Swap. The new markets include Prescott and Yuma, Arizona; The Villages in Florida; Duluth, Rochester and St. Cloud, Minnesota; Knoxville and Memphis, Tennessee; and Sherman-Denison, Texas, which puts Knock in 59 total markets.
“Nationwide, the Knock Home Swap is available through 245 real estate brokerage firms with 100,000 agents in approximately 4,700 ZIP codes,” the release stated.
A Knock mortgage is priced competitively, and agents and their clients have the benefit of working through a digital, two-way transaction solution called Backyard.
Sellers keep track of their deal through a similar login, called Frontyard, which is accessible via their mobile device, and it encompasses their mortgage qualification as well.
“It’s clear that homeowners across the country are looking for a more digital, streamlined real estate experience that includes the expertise of a real estate professional,” said Knock co-founder and CEO Sean Black. “We are excited to bring the Home Swap and the certainty, convenience and cost-savings it provides to more homeowners.”
A Home Swap user’s home doesn’t have to be listed until they’ve already moved in to their new one. This avoids having to live in the home during any maintenance and, eventually, the showing process. It also eliminates contingency issues for sellers. Additionally, Knock offers each seller a network of qualified home services professionals and handles all payment facilitation.
Knock states that 99 percent of its sellers’ homes have sold within 30 days or less, but the company provides a backup offer should it not sell within six months.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
