A common problem homeowners have is selling their current home before buying their next home. Timing this transition is a lot harder than it may sound. Enter: Knock. Knock is a home trade-in platform who will buy your new house and move you in before listing your current home.
Knock is a real estate company founded in 2015 and started working with customers in 2016. Their primary customers are young families looking to upgrade to their next home. Anyone familiar with the home selling and buying process knows it’s tricky to time a home sale with a subsequent home purchase. In a seller’s market, no informed home seller will accept an offer contingent upon the buyer selling their current home. They will get other offers from buyers who do not have this contingency, so it’s more of a sure thing the escrow will close.
Knock is disrupting in a new way
Going with a traditional agent works, right? But the real estate industry is evolving as technology is disrupting industry norms. Redfin shattered the assumption that home sellers pay 6% commissions. Redfin charges you a 1% commission plus you pay the buyer’s agent if they have one. Knock is disrupting the industry in a different way. Knock provides a service that eliminates the risk for customers who want to upgrade from the home they currently own. You will pay more with Knock than Redfin or a discount broker, but they offer you a lot in return.
How Knock works:
Knock offers services a traditional real estate agent offers and a lot more. Here is a summary of how the process works:
- Set a list price
Submit your home for a free market price estimate on Knock.com. Use their data science and local experts to set a list price on your home. Get fully pre-approved for a new mortgage to buy your new home.
- Find your new home
Knock will find and buy your new home on your behalf. You move into your new home.
- Get your existing home ready for sale
Knock preps, lists, and markets your old home. Knock will advance you up to $10,000 to get your home market-ready.
- Sell existing home
When your existing home sells, Knock transfers your new home to you.
- Pay a commission
Knock customers pay the same 6% commission they’d typically pay a traditional Realtor, with 3% going to us 3% going to the agent representing the buyer of the home. The seller of the home Knock buys on your behalf also pays them 3%.
At closing, you will also reimburse Knock for any costs they incurred on your behalf during the process, which you have the option of rolling into their new mortgage.
Knock isn’t available in all US market, but if you live in one of the following markets, you are in luck:
- Atlanta, GA
- Charlotte, NC
- Raleigh-Durham, NC
- Dallas, TX
- Fort Worth, TX
- Phoenix, AZ
Visit Knock.com today to get your free trade-in price.