Knock is bringing its re-imagined Home Swap program to Houston, the seventh market for the new service, which partners with real estate agents to serve consumers looking to buy and sell a home at the same time, it was announced Thursday.
With Knock now live in Atlanta, Denver and Phoenix, as well as four Texas markets — Austin, Dallas/Fort Worth, Houston and San Antonio — the platform is available to consumers through approximately 8,000 agents.
“Now, homeowners across a large portion of Texas have a safer and more certain and convenient way to buy before they sell,” Sean Black, Knock’s co-founder and CEO said, in a statement. “With the Knock Home Swap, a homeowner can make a non-contingent offer on the home they want and favoid the hassles of living through repair work, open houses and showings by moving before they work with their local agent to prep and list their house on the open market for the maximum sale price.”
The Home Swap platform includes a fully integrated mortgage to serve dual-track consumers. The financing is non-contingent, which Black says will allow consumers to save on home purchases, bringing what is essentially a cash offer to the table. “We are taking the stress out of what is an overwhelming and complicated process, even when everything goes according to plan,” said Black.
The company also offers an interest-free bridge loan solution to help cover the down payment on the new home, as well as the initial mortgage payments, while Knock preps the old home for market.
In prepping the home, Knock gives consumers access to contractors with which it already has a relationship, while also managing the work. Knock will do work up to $25,000 to ensure the home gets the best price on market.
In Houston, Knock is partnering with Berkshire Hathaway HomeServices Premier Properties and RE/MAX Fine Properties to offer the service to consumers.
“Safety is top of mind in today’s environment, and the Home Swap gives people a safe way to sell their home without having to sell to an iBuyer for a loss,” Nimesh Patel, broker/owner of RE/MAX Fine Properties, said in a statement. “The Home Swap is a valuable tool for our agents to offer their clients.”
“We can help them buy the home they want, move comfortably and then interest-free make the repairs necessary to list and sell their home,” Patel added. “They get 100 percent of the value of their home without the stress that comes from buying and selling a home the traditional way.”
Knock plans to expand the platform into at least 11 markets by year-end, with its eye on 21 markets by the end of 2021.