Sale-leaseback solution allows homeowners to use the cash they’ve built up in their home to achieve their goals, cover life’s uncertainties or move on their timeline
NEW YORK (Dec. 9, 2020) -- Knock, the technology company on a mission to empower people to move freely, today announced the launch of 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 competitive 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 & 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 has been offering leasebacks to customers since the beginning of 2017 as a built-in feature of its core product, now known as the Knock Home Swap™. Knock Nest productizes 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 the millions 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 currently available in select cities in Arizona, Colorado, Florida, Georgia and Texas. Consumers can learn more and see if they qualify to take advantage of Knock Nest at Knock.com/Nest or by contacting a local Knock Certified Agent who offers the Knock Home Swap.
Knock is a technology company on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to swap their current house for their dream home by buying first and selling later, 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 on the market for the highest possible price. Knock Nest™ allows homeowners to tap into the equity in their homes to meet their financial obligations without having to move. They are able to remain in their home on their terms, choosing to lease long-term until they are ready to move or buy back the home at a future date.
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. Learn more at www.knock.com.
1CoreLogic® Home Equity Report for the second quarter of 2020