Knock Brings Its Buy Before You Sell Platform to Chicago Homeowners, Becoming the First Major PropTech Company to Enter the Nation's Third Largest Housing Market
NEW YORK, July 29, 2021
- Chicago homeowners now have the certainty and convenience of buying their dream home with a non-contingent offer before they list, alleviating the uncertainty that often accompanies buying and selling at the same time
- Knock is partnering with 10 local brokerage firms to bring the Home Swap to homeowners throughout the Chicago metropolitan area
- Knock announces a 30-day closing guarantee as part of its commitment to continue to make the process of buying and selling more convenient and cost effective
/PRNewswire/ — Knock, the fast-growing real estate technology company that is bringing convenience, certainty and cost savings to the process of buying and selling homes, today announced that the Knock Home Swap is now available to homeowners throughout the Chicago metropolitan area. With the Home Swap, a consumer is able to make a strong non-contingent offer that empowers them to buy and move into their new home before they list, avoiding the repairs, open houses and other stresses that come with selling a home.
With today’s announcement, the Knock Home Swap is available in 50 markets coast-to-coast, including seven of the nation’s 10 largest housing markets. Knock launched its flagship Home Swap product a year ago in three markets, and has experienced unprecedented growth as homeowners look for a more stress-free way to buy and sell homes.
As part of its commitment to simplify the real estate process, Knock also announced the Knock Closing Guarantee, which promises an on-time closing in 30 days or consumers will receive $5,0001, 2.
“A majority of today’s home sellers are also home buyers, so while they are benefiting from record home prices and quick sales, they face unprecedented competition and uncertainty when it comes to buying their next home,” said Knock Co-Founder and CEO Sean Black. “The Knock Home Swap provides an end-to-end fully digital solution that empowers homeowners to unlock the equity in their current house so they can buy and settle into their new dream home before listing. They avoid the hassles of a traditional sale and have the advantage of selling on the open market for the maximum price.”
Black added, “We are thrilled to be the first major PropTech company to launch in Chicago and we’re looking forward to helping more homeowners move freely by continuing to solve the pain points that often hold them back.”
The Knock Home Swap offers homeowners an end-to-end solution that includes a competitively priced mortgage and an interest-free bridge loan, which covers the down payment on the new home, home prep and up to six months of mortgage payments on the old house. A homeowner can qualify for the Knock Home Swap from their mobile device and then confidently shop for the home they want with their own agent by their side and in the app. In addition, they have the advantage of waiting until they have moved into their new home to prep and list their old house on the open market, so there’s no living through repairs and showings or selling for less than full value.
As part of its Home Prep Concierge, Knock provides access to its contractor network and manages the payment of client-approved work until closing. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn’t sell within six months. Ninety-nine percent of Knock homes sell in 90 days or less, with 83 percent selling in 30 days or less.
Knock is partnering with 10 local brokerage firms to bring the Home Swap to Chicago, including Century 21 Affiliated; HomeSmart Realty Group; john greene Realtor; Kale Realty; Keller Williams Momentum; Keller Williams ONEChicago; Keller Williams Preferred Realty; RE/MAX Mi Casa; RE/MAX Next and Worth Clark Realty.
“The Knock Home Swap gives our clients more freedom, flexibility, and a leg up in a fast-moving market. It also provides a refreshing option for those financing their next home purchase that otherwise did not exist in the Chicagoland market,” said Scott Parker, Sales Manager, VP Sales & Marketing, john greene Realtor. “There is a lot of innovation taking place in the real estate industry. Our filter for innovation is to look for products and services that match our company’s mission statement: to provide an elevated real estate experience that leads to lifelong relationships.”
Nationwide, the Knock Home Swap is available through 230 real estate brokerage firms with 97,000 agents in approximately 4,500 ZIP codes throughout Arizona; Southern California; Colorado; Florida; Georgia; Illinois; Minnesota; North Carolina; South Carolina; Tennessee and Texas. Knock plans to offer the Home Swap in over 100 markets by 2023.
Knock is on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to buy their new dream home before selling their old one, skipping the hassles of living through repairs and showings, paying only one mortgage at a time, and having home prep covered upfront, so their old house sells for the highest possible price. Knock currently offers the Home Swap in 50 markets and plans to be in over 100 markets by 2023.
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. In 2021, Knock was one of eight companies selected by Second Century Ventures, the strategic investment arm of the National Association of Realtors®, for its REACH program, which helps technology companies scale across the real estate vertical and its adjacent markets.
1Terms and conditions apply. See https://knock.com/closing-guarantee for more information regarding the Knock Closing Guarantee.
2Mortgage loans through Home Swap Program offered by Knock Lending LLC. NMLS 1958445. Equal Housing Lender
For licensing information go to: www.nmlsconsumeraccess.org.
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