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According to the company, Knock GO technology gives homebuyers in 65 markets nationwide the ability to make a non-contingent, cash-backed offer on a home. The company would enter the deal to bridge the gap on the offer, should the appraisal come in below the sale price.
The new product was created for first-time buyers and others who don't have a home to sell. Knock GO combines a cash-backed, competitively priced conventional mortgage with a closing guarantee and appraisal protection. It is backed by the company's guarantee that it will fund the loan in the event it isn't 100% clear to close in 30 days and help offset the difference between the sale price and the home's appraised value1,2 at no additional cost.
“In today's housing market many buyers are losing their dream home to offers that waive financing, appraisal and other contingencies. Both buyers and sellers need to be guaranteed that their transaction is going to close,” said Knock co-founder and CEO Sean Black.
Knock GO is a fully digital experience available through more than 250 brokerage firms with more than 100,000 agents in 65 markets nationwide.