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It’s safe to say that in today’s competitive real estate market, any additional eventuality signals risk. This puts a lot of pressure on potential sellers to stay in their home longer for fear of not winning an offer on a new home if their offer is contingent on the sale of their existing property.
A non-traditional lender boasting of being a home exchange service, Hit, launched in 2015 by the founding members of Trulia.com, is now reaping the benefits of this real estate environment with multiple offers and always winning in money. The company recently announced an expansion in Florida, making the service available in a total of 10 domestic markets, with plans to expand to 100 by 2023.
“Buying a house when you have one for sale is never easy. In today’s housing market, where the number of homes for sale is limited and competition is fierce, many people are choosing to stay put rather than realizing their dream of a new home, ”said the co-founder and CEO of Knock, Sean Black, in a statement. declaration. “At Knock, we’re leveraging technology to reverse the process, allowing homeowners to make an unconditional offer on the home they want before they’ve even put their current home up for sale. It’s given thousands of homeowners the confidence they need to make the right choice for them, and we’re excited to make Home Swap available statewide.
How it works:
The company offers two services: Home Swap and Knock Nest. With these, sellers can either sell their home in Knock and pay rent until they are ready to move out, or buy their next home and sell in Knock afterward, paying only one. only one mortgage at a time.
The Knock Home Swap loan covers the down payment on the new home, home preparation, and up to six months of mortgage payments on the old home.
The fine print:
While these services provide an alternative for sellers who may be in a hurry if they need to sell in order to buy, consumers should consider a few things:
– The Knock Bridge Loan puts a lien on the property until the funds are fully repaid.
– Knock will pay the approved costs, but if something else happens, it’s up to the seller.
– Rates may not be as competitive as those of local lenders. If you are looking for the best price, consumers should shop around.
As part of its expansion, Knock has partnered with Keller Williams Realty Fort Myers & The Islands; Keller Williams Realty Naples; Keller Williams Realty Suncoast; Keller Williams Realty Island Life Real Estate; RE / MAX Alliance Group; Better synergy for homes and gardens; Keller Williams Realty Port Saint Lucia; Keller Williams Realty Vero Beach and Keller Williams Realty Treasure Coast.
According to the company, Knock Home Swap is now available from 215 real estate brokerage firms.
Liz Dominguez is the Senior Online Editor for RISMedia. Send him your ideas for real estate news by e-mail at [email protected].