NEW YORK, Nov. 4, 2021 /PRNewswire/ -- Knock, the fast-growing digital homeownership platform that turns all buyers into cash buyers, announced today its innovative home loans that bring certainty, convenience and cost savings to buying and selling homes are now available in Michigan for the first time. Beginning today, homebuyers in the Detroit, Ann Arbor, Flint and Monroe metros can use the Knock Home Swap and Knock GO™ (Guaranteed Offer) to remove the financing contingency on the home they want, giving them a leg up in the red-hot housing market and more control over their largest financial transaction.
So far this year, Knock has expanded to 51 more markets, and is now serving homebuyers in a total of 69 markets in 14 states across the country.
"With fewer homes available for sale and those that are selling fast, it's a challenging time to be a buyer, so we are excited to give Michigan homebuyers a new way to compete and win in today's competitive market," said Knock Co-Founder and CEO Sean Black. "Both the Knock Home Swap and Knock GO™ provide the power of cash and are tailored for how today's consumer shops with their phone and agent by their side. The Home Swap provides homeowners with the convenience to buy first and sell later, and Knock GO™ gives first-time homebuyers the certainty of both a guaranteed closing and appraisal protection."
With the Knock Home Swap, a homeowner is pre-funded for 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. Home Swap customers are able to sell their home on the open market for the maximum sale price without the hassle of living through repairs or showings. They also receive Knock's 30-day closing guarantee 1,2, Home Prep Concierge and backup offer on the old house in the unlikely event that it doesn't sell within six months. Ninety-eight percent of Knock homes sell in 90 days or less, with 90 percent selling in 30 days or less.
Designed specifically for first-time buyers and others who don't have a home to sell, Knock GO™ combines a cash-backed, competitively priced conventional mortgage with a closing guarantee and appraisal protection, giving buyers and their agents the ability to make an offer that will stand out from other offers. Knock GO™ is backed by the company's guarantee that it will fund the loan in the event it isn't 100% clear to close in 30 days and help offset the difference between the sale price and the home's appraised value3 at no additional cost.
Knock is partnering with agents at five local leading brokerage firms to bring its innovative home loan solutions to homeowners throughout Southeast Michigan, including The Perna Group Realtors - Keller Williams, Keller Williams|Jeff Glover and Associates Realtors, The Integrity Team and Keller Williams Paint Creek, Weichert Realty St. Clair Shores and House Want Realty.
"My goal is to provide the best opportunities and tools to my agents to service their clients at the highest level. Partnering with Knock does exactly that. It allows our agents to reduce the stress and uncertainty for our clients of being in a double payment situation while holding two mortgages, or worse, selling their home without finding one at all. Knock is a game changer," said Michael Perna, CEO of The Perna Group Realtors - Keller Williams.
Nationwide, the Knock Home Swap and Knock GO™ are available through 270 real estate brokerage firms with over 107,000 agents in approximately 5,200 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 makes home buying simple and certain by transforming all buyers into cash buyers and giving them complete control of the process from their phone. Knock's flagship Home Swap™ product empowers consumers with a cash-like offer to buy the home they want before selling the home they have, providing the convenience of not having to live through repairs or showings in the process. Knock GO™ (Guaranteed Offer) is a cash-backed 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 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. The National Association of Realtors®, through its investment arm Second Century Ventures, is a strategic investor in Knock, giving its 1.5 million members the ability to market Knock's homeownership solutions to their clients. Knock currently operates in 69 markets nationwide and plans to be in over 100 markets by 2023.
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