In its first announcement since announcing its IPO, Knock continued to expand its presence in the west and south with seven new markets in Colorado and Georgia.
In seven other real estate markets, brokers can help sellers buy before they sell, according to a Knock press release.
Home Swap, the fast-growing company’s flagship product, is now available in more markets south and west, including Boulder, Fort Collins, and Greeley in Colorado; and Athens / Clarke Counties, Dalton, Gainesville, and Rome in Georgia.
With the Knock Home Swap, homeowners can better compete in today’s cash-rich real estate market without the stress of planning to buy a home with a sale or sell to an iBuyer at a discount.
Knock now operates in 34 markets, far exceeding its original target of 21 markets by the end of 2021.
Knock announced its intention to go public last month and hired Goldman Sachs to lead the process. Sean Black, CEO and co-founder of Knock, was instrumental in bringing Trulia public before it was acquired by Zillow.
Knock is considering a public offering with targets between $ 400 million and $ 500 million at a valuation of $ 2 billion. It can also merge or conduct a direct listing with a SPAC (Special Purpose Acquisition Company).
Home swap is a loan product that makes it easy for sellers to enter the market without having to sell their existing home to bid on a new home. It may include a bridging loan of up to $ 250,000 to cover market preparation for the sale, a down payment on the new home, and the seller’s mortgage while the home is in the market.
“By reversing the process that normally starts with listing your home for sale, our customers can settle into their new home before they even think of selling their old home,” said Black. “It’s a better way to buy and sell.”
Knock works with select brokers to enable home swaps, as well as individual agents who apply for training. Most agents become Knock certified after a few hours of training.
According to the press release, Kittle Real Estate and RE / MAX Professionals will be offering home swap homeowners in Boulder, Fort Collins and Greeley. Knock is working with its currently 15 Georgia brokerage partners to offer home swaps to homeowners in the emerging markets.
Home Swap was available in Atlanta and Denver in July and August 2020, respectively, and launched in Colorado Springs in February of that year.
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