A timely solution for home sellers who are also home buyers to bid competitively
Hit Home Swap ™ is a timely solution for home sellers who are also home buyers to bid competitively in today’s market. Using Knock Home Swap, homeowners can buy their new home before selling their old home knowing that with approved Knock financing they are essentially cash buyers.
In August, Matt Thedford of Grapevine, Texas, and his wife decided to look for a new house with a pool. The market in a suburb of Forth Worth the Grapevine is very competitive. “When we started looking for a new home, we talked to our agent about how it would work as we had to sell our old home to move forward,” Thedford recalls.
Knock solves this stressful situation. “We were told about Knock and then we were pre-approved for a bridge loan and a new mortgage at the same time. Then we could basically make a cash offer on a new home, ”says Thedford. “We found the perfect house and made an offer which was accepted immediately. I think the ability to make a cash offer made all the difference, ”he adds.
Knock Now, a mortgage lender, recently announced its expansion into the Charlotte and Raleigh, North Carolina markets. Since the company was launched in 2015 by the founding members of the Trulia.com team, Knock has grown to 11 markets in six states. In addition to Charlotte and Raleigh, Home Swap is currently in Phoenix, Denver, Atlanta, Orlando, Tampa, Austin, Dallas / Fort Worth, Houston and San Antonio, working through over 40 brokerage firms with over 27 000 agents.
Knock allows home sellers who are also home buyers to make an unconditional offer on a new home and move out before they prepare and list their old home for the highest possible price. “The economy makes good sense today. We have been able to double the markets in which we are present over the past year, ”says co-founder and CEO of Sean Black Knock. “By the end of 2020, we will have expanded our operations to Jacksonville and Colorado Springs. Using Knock allows our consumers to win bidding wars because they are essentially cash buyers, ”adds Black.
Here’s how Knock Home Swap works. A network of local real estate professionals in various markets become Knock Certified Agents. Clients of these agents are prequalified through Knock for a competitively priced integrated mortgage, six-month interest-free bridge loan to cover the down payment on the new home as well as mortgage payments and up to $ 25,000. for the preparation and repairs of the house on the old house.
Once the escrow is closed on the new property, Knock consumers immediately take ownership and move out of their old home. Then they can make the necessary repairs and renovations to their old home with that $ 25,000 to get the best selling price and not leave any money on the table.
As part of its Home Prep Concierge, Knock provides access to its network of approved contractors and manages the payment of all invoices once the work has been approved by the client. Additionally, Knock has a backup deal on the old house if it doesn’t sell within six months. Ninety percent of Knock homes sell in 90 days or less.
Bidding on a new home while still needing to sell your old home is a departure from the current climate of multiple offers, bidding wars and no-frills contracts. Hear from Carl Hawthorne, leader of the 19-member Carl Hawthorne team at Atlanta Communities in Atlanta. “We started with Knock in mid-2020. This program is very useful for buyers who must be sellers before they can buy their new home. On the selling side, when we do an ad presentation, we talk about how we can sell your house for a potentially higher price, because when we put it on the market, it’s basically ready to move in, ”says Hawthorne. . “It’s amazing how much more people will pay just for new paint and granite,” he laughs.
Look for Knock’s expansion in 2021 to include Southern California (San Diego and Orange County), Minneapolis and Asheville, NC. The company plans to expand to at least 21 markets by mid-2021.
This is good news for home buyers and sellers