With its rapid expansion from Los Angeles to San Diego, Santa Barbara and inland markets, Knock Home Swap is well ahead of the 21 in 21 market target of available markets.
This month we’ll be speaking with leading mortgage providers about where the market is headed and how products are digitally evolving to meet buyer needs. We’ll also be exploring new alternative funding options that are changing the game for buyers and sellers. Visit us for the month of the mortgage and alternative financing.
A week after announcing that the company has partnered with Los Angeles The Agency to break into its largest market and its first in California, the mortgage technology company has rolled out Knock Home Swap services across the rest of Southern California.
According to a press release, Knock has added broker partners covering Bakersfield, Orange County, Riverside / Palm Springs, Santa Barbara, San Bernardino, San Diego and Ventura. It is now in 25 markets nationwide.
The expansion formally exceeds the company’s one-time goal of being active in 21 markets by the end of 2021.
Knock Home Swap allows sellers to buy before selling with a pre-funded cash-equivalent mortgage, so they can better compete in cash-rich, heated home markets. Sellers only pay a 1.25 percent convenience fee.
Knock Home Swap customers are also eligible for an interest-free bridging loan of up to $ 250,000 that will cover home prep and repair concierge services, as well as a down payment for the new property and up to six months of mortgage payments on the home sold.
The company says 90 percent of Knock Homes will be sold within 90 days or less.
In addition to The Agency in LA, brokers and offices now eligible to train agents to facilitate home swaps in Southern California include: Berkshire Hathaway HomeServices Perrie Mundy and California Realty, Keller Williams Realty Anaheim Hills / Yorba Linda, N. Tustin and Brea Fullerton, HomeSmart Evergreen, Realty One Group West, Seven Gables Real Estate, and Century 21 Award.
Dave Corey, managing broker for Perrie Mundy Realty Group of Berkshire Hathaway HomeServices and California Realty, said sellers are afraid of listing a home in such a tight, fast-paced market.
“Knock created a solution to this problem with a platform that enables our property sellers to offer their customers more security and purchasing power when they sell and buy a home at the same time,” said Corey. “We see it as an important part of our strategy.”
Colleen Rogers, Managing Director of Keller Williams Realty Anaheim / Yorba Linda, N. Tustin, agreed with Corey and sees Home Swap as a unique opportunity to offer outstanding deals.
“The home swap reduces the need to stick to contingencies and the very stressful schedule of selling your current home and closing your new home,” she said.
Traditionally, a home has much better deals when it doesn’t depend on the buyer’s current home being sold. A problem that Knock Home Swap solves.
Alternative, technology-oriented mortgage solutions continue to appear in the real estate sector. In addition to Knock, Divvy, Landing, Unison and Flyhomes offer consumers unique opportunities to secure living space beyond the standardized home sales process.
“Homeowners have more options than ever to sell a home,” said Sean Black, CEO and co-founder of Knock. “However, only the Home Swap offers the opportunity to make an unconditional offer to win your dream home and move before a home is offered in a best-selling condition at the maximum sale price.”
Do you have a technology product you’d like to discuss? Email to Craig Rowe
Craig C. Rowe started commercial real estate at the start of the dot-com boom, helping a number of commercial real estate companies build their online presence and analyze internal software decisions. He now assists agents with technology decisions and marketing by reviewing software and technology for Inman.