Online real estate veterans Jamie Glenn, Sean Black and Karan Sakhuja have launched a new consumer real estate business dubbed Knock. It takes a page or two from Opendoor, which is innovating in the online real estate space with homeseller guarantees. Here is it how it works: Consumers come onto the site or app and request a “price guarantee” to sell their home. Knock then offers a price for the home. If it is accepted by the seller, Knock takes professional photos, aerial video of the house's exterior and a full-immersion virtual reality video tour. Knock promises to pay to promote it to millions of buyers searching the local MLS, Zillow, Trulia, realtor.com and Yahoo. Whether you accept an offer from a buyer or take Knock’s guaranteed price, the company promises to handle all of the details, including arranging escrow and closing. Knock is in the business, in effect, of flipping your home if it cannot find a buyer. If Knock buys your home and then ...
- If Knock's guaranteed offer is accepted by the seller, the company takes professional photos, aerial video of the house's exterior, a full-immersion virtual reality video tour and promotes the home on the major portals and the MLS.
- If the company buys a home and then sells it at a higher price within 30 days, it promises to give sellers 100 percent of the difference, less an undisclosed fee. If it loses money on the sale, the seller keeps "100 percent of what we paid you," Knock says.
- The three founders are Jamie Glenn, Sean Black and Karan Sakhuja, all of whom have extensive real estate tech experience.
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