Addition of jumbo loans allows more home shoppers to compete with cash buyers as they race to close amid rising interest rates
- Move into Seattle strengthens Knock’s West Coast presence
- Knock Home Swap™ empowers consumers to buy before they sell, avoid showings and repairs and sell on the open market
- With Knock GO™ (Guaranteed Offer), first-time buyers are able to make a non-contingent offer at no additional cost
NEW YORK, April 19, 2022 /PRNewswire/ — Knock, the fast-growing fintech company that makes all homebuyers Power Buyers, announced today that Seattle area homebuyers can now compete with the certainty of cash to buy their dream home. Effective immediately, existing homeowners can use the Knock Home Swap to buy before they sell and first-time buyers can take advantage of Knock GO™ to remove the stress of buying a home in today’s competitive market. The company also announced the addition of jumbo loans to its product portfolio.
With today’s launch in the Seattle–Tacoma–Bellevue, Bellingham, Mount Vernon–Anacortes, Bremerton–Silverdale–Port Orchard and Olympia–Lacey–Tumwater metropolitan areas, Knock’s innovative home loan solutions, including jumbo loans, are available in a total of 75 markets in 15 states nationwide.
“With buyers vying for a record low-number of homes available for sale and prices continuing to accelerate, it’s more important than ever to position yourself to win,” said Knock Co-Founder and CEO Sean Black. “Our innovative home loan solutions make all buyers competitive with cash buyers and eliminate the common pain points such as timing a sale with a purchase and living through repairs and showings that make it harder than it needs to buy and sell a home. Now, with the addition of jumbo loans, we can help more people achieve their homeownership goals.”
For buyers who have a home to sell, the Knock Home Swap1 provides 100% of the money necessary to buy a new home before listing the old house. This includes a competitively priced mortgage and an interest-free equity advance loan, which covers the down payment on the new home, home prep and up to six months of mortgage payments on the old house. Home Swap customers are able to sell the old house on the open market for the maximum sale price after they’ve moved into their new home, avoiding the hassle of living through repairs or showings. Knock also provides a 30-day closing guarantee,2, Home Prep Concierge and backup offer on the old house in the unlikely event that it doesn’t sell within six months. More than 98% of Knock homes sell in 90 days or less, with 90% selling in 30 days or less.
Knock GO™1,3 empowers first-time buyers and others who don’t have a home to sell to make an offer that’s competitive with cash. In addition to a competitively priced conventional mortgage, Knock GO™ offers a closing guarantee at no additional cost, giving buyers and their agents the ability to make an offer that will stand out from other offers.
Qualifying buyers can use the Knock Home Swap and Knock GO™ for home loans of up to $3 million. The addition of jumbo loans expands the limit of qualifying Knock Home Swap listings to $2 million in Seattle and Southern California and up to $1 million in the other markets Knock operates throughout the country.
To bring the Home Swap and Knock GO™ to Seattle, Knock is partnering with Professional Realty Services International; Keller Williams Olympic; Professional Realty Services International; Keller Williams Olympic; Infinity Real Estate; Velocity Real Estate Inc | Keller Williams Downtown Seattle; Vicinage Real Estate – KW Downtown Seattle; The Warmack Group – Keller Williams Realty Greater Seattle and Century 21 North Homes.
Nationwide, the Knock Home Swap and Knock GO™ are available through 300 real estate brokerage firms with 117,000 agents in approximately 5,900 ZIP codes nationwide. Homebuyers also can learn more and see if they qualify for the Knock Home Swap or Knock GO™ at knock.com.
1Mortgage loans offered by Knock Lending LLC. NMLS 1958445. Equal Housing Lender. For licensing information go to: www.nmlsconsumeraccess.org.
2Terms and conditions apply. See https://knock.com/closing-guarantee for more information regarding the Knock Closing Guarantee.
3Terms and conditions apply. See knock.com/guaranteed-offer/terms for more information regarding the Knock GO™ (Guaranteed Offer).
Knock is rewriting the rules of homeownership by making all homebuyers Power Buyers. Knock’s flagship Home Swap™ product empowers consumers with a non-contingent offer to buy the home they want before selling the home they have, providing certainty knowing you’ve found your dream home and the convenience of not having to live through repairs or showings. Knock GO™ (Guaranteed Offer) is a cash-like home loan solution for first-time homebuyers looking to compete in today’s hot housing market.
Launched in 2015 by founding team members of Trulia.com, Knock currently operates in 75 markets nationwide. Knock has raised $900 million in debt and equity from top-tier investors, including Foundry Group, Greycroft, First American Financial and The National Association of Realtors®, giving NAR’s 1.5 million members the ability to market Knock’s homeownership solutions to their clients. For more information visit: knock.com.
Contact: [email protected]
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