Knock Home Swap, which enables homebuyers to get pre-funded for a mortgage to make a cash-equivalent offer on a home prior to listing their old home, is now available in a total of 25 markets. The product is now available for the Southern California markets of Bakersfield, Los Angeles, Orange County, Riverside/Palm Springs, Santa Barbara, San Bernardino, San Diego and Ventura.
"Today, five years later, homeowners have more options than ever when it comes to selling a home. However, only the Home Swap provides the ability to make a non-contingent offer to win your dream home and move before listing a house in top-selling condition for the maximum sale price," said Knock co-founder and CEO Sean Black. "In less than eight months, we've more than tripled our market coverage."
"In the midst of Coronavirus and a housing market with ultra-low inventory, many sellers are fearful about the prospects of selling their home and not being able to find a suitable replacement home in time," said Dave Corey, managing broker of Berkshire Hathaway HomeServices Perrie Mundy Realty Group and California Realty. "Knock created a solution to this problem with a platform that allows our real estate sales executives to provide their clients more certainty and even more buying power when selling and buying a home at the same time."
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, according to a press release.
