Knock Home Swap has made its way into the South Florida real estate market, according to a company press release.
The unique home lending company has launched services in Miami, Fort Lauderdale and West Palm Beach. It will be available to homesellers in regional suburbs, as well. The service was already running in Orlando and Tampa.
The lending model allows homeowners to find and move into a new house, leveraging a non-contingent offer, without being dependent on the sale of their current home. Knock provides the mortgage on the new property while carrying loan service costs and market preparation expenses on the previous, up to $25,000.
Knock also partners with real estate agents to certify them on how to present the program and work with clients to carry it out, provided they’re open to the option. Knock Certified Agents are trained in each market where the company offers its services.
Knock also developed its own software to help its employees and partner agents manage their transactions, called Backyard.
Nationally, the seller’s market continues. Prices continue to climb, and inventory challenges abound, creating a double-edged sword for sellers — and ideal timing for a company like Knock that can compete for a home with a non-contingent offer without the stress of selling their current residence.
It also offers backup offers if the seller’s home isn’t sold within six months. The company states that 90 percent of its listings sell within 90 days or less.
“It provides the certainty of being able to make a strong non-contingent offer on the home you want as well as the convenience of moving before listing a fully prepped home on the open market,” said Sean Black, Knock co-founder and CEO. “We are committed to helping people move more freely.”
Knock deploys a Home Prep Concierge for approved vendor selection, expense tracking and project management.
Now in 14 markets, the company’s goal is to be in 21 by mid-2021.
In October, Inman reported on dueling lawsuits filed by Knock and similarly named EasyKnock, which offers sale-leaseback programs. In addition to both alleging trademark infringement, Knock has surmised that EasyKnock’s launch of its MoveAbility program puts it in direct competition with Knock’s Home Swap, as reported by Inman.
Launched in 2015 by founding team members of Trulia.com, Knock has raised more than $600 million in debt and equity from top-tier investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs.
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Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.