The Home Swap delivers a new way for homeowners to be more competitive in today’s hot housing market, and the convenience of buying their dream home before they list
NEW YORK (March 25, 2021) -- Homeowners in Minneapolis-St. Paul and Nashville have a new way to compete and win as they gear up for what is likely to be the most competitive spring homebuying season either market has ever experienced. Starting today, they can use the Knock Home Swap to get pre-funded for a competitively priced mortgage to make a cash-equivalent offer on their dream home before even listing their old house.
With today’s launch, the Knock Home Swap is available in 27 markets in nine states. Offered from coast-to-coast, the Twin Cities marks Knock’s entry into the Midwest.
“Knock is changing how people buy and sell homes for the better. By empowering people to buy before they sell we’re eliminating the uncertainty and stress that comes from timing a home sale with the purchase of a new one,” said Knock Co-Founder and CEO Sean Black. “We’re thrilled to bring the Knock Home Swap to Minneapolis-St. Paul and Nashville. Both markets are very competitive with homes receiving multiple offers and selling fast, making it extremely challenging and intimidating for those who need to sell their old house first.”
The Home Swap allows a consumer to immediately take ownership of their new home and sell their old house on the open market for the maximum sale price. They immediately begin earning equity in their new home and skip the hassle of living through repairs and showings.
The Knock Home Swap includes a fully integrated and competitively priced mortgage as well as up to $250,000 in an interest-free bridge loan to cover the down payment on the new home in addition to home prep and up to six months of mortgage payments on the old house. As part of its Home Prep Concierge, Knock provides access to its approved contractor network and manages the payment of all bills upon client-approved 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.
In each market where the Home Swap is available, consumers work with their local agent who has been trained as a Knock Certified Agent. In Minneapolis-St. Paul, Knock is partnering with Keller Williams Preferred Realty and RE/MAX Results. In Nashville, its partners are: Keller Williams Realty - Hendersonville, Nashville Urban, Mt. Juliet and Lebanon, Keller Williams Realty - Franklin, Green Hills, Murfreesboro, The Ashton Real Estate Group of RE/MAX Advantage and Reliant Realty ERA POWERED.
As the Knock Home Swap continues its rapid expansion throughout the U.S., it is helping people move freely to not just a new home, but a new state. In addition to Minneapolis-St. Paul and Nashville, the Knock Home Swap is available in nearly 3,700 ZIP codes throughout Atlanta; Austin, Texas; Bakersfield, Calif.; Charlotte, N.C.; Colorado Springs, Colo.; Dallas-Fort Worth; Denver; Fort Lauderdale, Fla.; Houston; Jacksonville, Fla.; Los Angeles; Miami; Orange County, Calf.; Orlando, Fla.; Phoenix; Raleigh, N.C.; Riverside-Palm Springs, Calf.; San Antonio; Santa Barbara, Calif.; San Bernardino, Calif.; San Diego; Tampa, Fla.; Tucson, Ariz.; Ventura, Calif. and West Palm Beach, Fla. through more than 150 real estate brokerage firms with nearly 76,000 agents. Knock plans to offer the Home Swap in 75 markets by 2023.
Knock is on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to buy their new dream home before selling their old one, skipping the hassles of living through repairs and showings, paying only one mortgage at a time, and having home prep covered upfront so their old house sells for the highest possible price. Knock currently offers the Home Swap in 27 markets in nine states and plans to be in 75 markets by 2023.
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.
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