The Smart Way to Buy Before You Sell
Save time, stress, and money with a Knock Home Swap™ Convenience
Certainty
Cost savings
Buy a new home without
Start making offers on
Move only once, and save
having to sell the old one first,
homes with your fully
on rent, closing costs,
or at the same time.
pre-approved mortgage.
and moving costs.
Close on a new house in half
Win your dream
Get up to $25,000 of home prep
the time (or less) of a typical
home with a strong,
work prepaid so your old house
financed offer.
competitive offer.
sells for the best price.
“A personalized model.”
“Knock makes the process of selling while buying seamless.”
“A standout.”
Get pre-qualified today at Knock.com 1-866-996-1695 l NMLS #1958445
How It Works Unlike traditional home sales, where you can miss out on your dream home while waiting for your current house to sell, the Knock Home Swap gets you into your new home first.
1. Get Pre-Approved With Knock, we’ll get you fully underwritten for a new home loan including down payment assistance so you can start making offers fast.
2. Buy Your New Home First Put down a winning offer on your dream home and move in right away. You only pay your new mortgage while we cover your old one.
3. Then Sell Your Old House Knock will pre-pay up to $25,000 to get your old house ready for listing on the open market so it sells fast for top dollar—it’s that simple!
Get a Knock Home Swap™ Skip the stress and uncertainty of buying and selling real estate the old way.
KNOCK HOME SWAP™
Buy a new home before listing your old house for sale Skip the hassle of living through house showings Pay only one mortgage at a time and build equity while you sell Avoid renting costs and moving twice Get up to $25,000 of home prep work prepaid so your old house sells for the best price
Get pre-qualified today at Knock.com
1-866-996-1695 l NMLS #1958445
TRADITIONAL BUYING/SELLING
How It Works Home Swap™
With Knock, you get the certainty of buying the new home you want first and then selling your old one. Here’s how the process works from start to finish.
1
Get Your New Home Loan GET PRE-QUALIFIED Find out if you’re eligible for the Home Swap in just 3 minutes at Knock.com or through your agent. You or your agent will need to submit photos of every room in your house to the Knock team.
BEGIN PRE-APPROVAL Next, get pre-approved for a Home Swap mortgage. Knock will check your credit and verify your debts, assets, income, and supporting documents to determine your purchasing power. You will be assigned a dedicated Mortgage Loan Advisor.
GET YOUR NEW MORTGAGE In as little as 48 hours upon receipt of your loan application and supporting documentation your Mortgage Loan Advisor will work to get you preapproved for a Home Swap mortgage and you’ll be all set to buy your new home.
2
Buy Your New Home First FIND YOUR DREAM HOME Once you find your dream home, you’ll work with your agent to make a competitive, non-contingent offer on it—and win!
START PLANNING YOUR MOVE Once you’ve closed, it’s time to start planning your move. You can move when it makes the most sense for you. Typically, it’s within 2 weeks of closing, but you and your agent will determine the best timeline.
ENJOY LIFE IN YOUR NEW PLACE Once you’re moved in, it’s time to get settled in your new home. You’ll only pay your new mortgage. Knock will cover payments on your old loan for up to 6 months. Your agent will work with the title company or closing attorney to ensure everything is progressing smoothly.
3
Sell Your Old House PREP THE OLD HOUSE FOR SALE You’ll get an advance of up to $25,000 and access to our contractor network so you can get your old house ready for selling. You’ll manage any home prep with your agent, and work with the Knock Home Concierge Team throughout.
LIST WITH EASE After your home is in top condition, your agent will list your house on the open market and manage showings with potential buyers. You’ll work with your agent to get your listing sold.
SELL FOR TOP DOLLAR When your house sells, you’ll use the proceeds from the sale to pay Knock back for any costs covered during the process, plus regular closing costs. It’s that simple. You’ll work with your agent and their title company or closing attorney to get the deal to the finish line.
Find out if you’re eligible for a Knock Home Swap™ and get pre-qualified at knock.com
SELL YOUR HOUSE FAST & FOR TOP DOLLAR Before you list your house for sale, you can get up to $25,000 through your Home Swap™ to make improvements on it, such as new flooring and paint, with the help of Knock’s Home Prep Concierge.
HOME PREP CONCIERGE To get the best price for your house, home preparations, or as we call “Home Prep,” is often a necessary and frustrating process, but our Home Prep Concierge team makes managing those improvements easy.
WHY HOME PREP?
HOW IT WORKS
Having your own Concierge team has its perks.
Take care of home improvements in three easy steps.
1 Save time and stress with our team of experts behind you We’ll work with you to obtain estimates, monitor progress, and only pay contractors after you have approved the completed work.
Get your contractor and estimate Select from our network of verified contractors, or send us a qualified one of your own. Schedule an onsite appointment with them, settle on an estimate, and submit it to Knock for review.
2 Manage home prep at ease from the comfort of your new home You’ll be in your new home before work starts on your old place, so you won’t have to live with the noise and mess of contractors in your house.
Start home prep on the old house Once in your new house, work will start on your old one. Knock will send out work orders and help you schedule work as soon as you move out. You’ll control the process but we will be here to help you along the way.
3 Gain peace of mind with no out-of-pocket payments
Finish home prep and list with your agent
Home improvements can add up quickly to pay on the spot. With Knock, we advance up to $25,000 on your behalf.
When the work is complete, let us know! We’ll send you a final sign-off. Once signed, we’ll pay your contractor and then you’re all set to put your house on the market!
Ready for Home Prep? Talk to your agent to get started!
Frequently Asked Questions What is Knock?
How do your rates compare with other lenders?
Since 2015, our mission has been to empower people to move freely by bringing convenience, certainty, and cost savings to home buying and selling—that’s why we invented the Knock Home Swap™. With it, you can move into your new home before selling your old one.
Knock offers competitive rates on our loan products. Rates may vary based on qualifications. For a custom quote, please complete our online application at knock.com!
How does the Knock Home Swap work? The Knock Home Swap™ empowers you to buy your new home prior to selling your old house on the market for maximum value. Here’s how it works: 1. We’ll get you fully underwritten for a new home loan with Knock including a down payment advance so you can start making offers fast.
Can I buy new construction through the Home Swap? Yes absolutely! As long as the builder is funding the cost of construction prior to the final closing (most large builders do this). There are some specific details unique to new construction deals depending on time to build (related to pre-approval requirements and rate locks) that you’ll want to review with your Knock Mortgage Loan Advisor once we’ve received your application.
Can the Home Swap be used for condos/townhomes?
2. Put down a winning offer on your dream home with no sales contingency, and move in right away. You’ll pay your new mortgage while we cover the old one.
Absolutely! As long as the home will be used as the primary residence, the Home Swap can be used to buy and sell condos, townhomes and single family homes.
3. We’ll advance up to $25,000 to get your old house ready for listing on the open market so it sells fast and for top dollar. When your house sells, you simply pay Knock back for the loan provided. It’s that simple!
Will my home qualify for the Knock Home Swap?
How does the down payment advance, home prep money, and old mortgage coverage work? In addition to the conventional loan on your new home, Knock qualifies you for and provides a bridge-like loan, that we call the Knock Equity Advance, to you. This equity advance is an interestfree loan that allows you to access the equity in your existing house now, before you sell, so you can buy your new home.
Do I have to make two mortgage payments? With the Home Swap, you only pay one mortgage at a time. You’ll pay the mortgage on your new home, immediately building equity, while Knock covers the monthly mortgage payments on your old house.
What are the fees associated with the program? For all of the convenience and certainty offered with the Home Swap, Knock charges a 1.25% convenience fee on the purchase of your new home. You can either pay this at closing or roll this into your equity advance. This convenience fee is similar to an origination fee, which many lenders charge. This is just Knock’s fee for the loan and is not inclusive of real estate commissions charged by your agent, or closing costs.
Most homes will qualify for the Home Swap. Some things that would impede a home from qualifying would be significant water damage or foundation damage, a lack of recent similar sales data nearby, unpermitted additions, or if a home is a distressed sale or bank owned.
Home Prep: what do these funds cover, and how does that process work? Home Prep covers cosmetic improvements that your agent might suggest to help you net top dollar when you sell your old house. Knock onboards your contractors directly, and pays them after you’ve signed off on the completion of the work.
Can I use my own contractors for Home Prep? Yes! We want you to feel comfortable with the people doing the work. We only require that they be licensed, insured, provide a signed W-9, and sign our vendor agreement.
What happens if my old house doesn’t sell on the market? With the Home Swap, you’ll list your existing house on the market after you’ve purchased and moved into your new home. The goal is for you to sell your listing on the market for max value with your agent. That said, on the off chance your listing doesn’t sell on the market, you’ll have the option to take an offer from Knock that we provide you up front.
You can also call or email us anytime with additional questions:
866-996-1695 or info@knock.com
CHECKLIST
Customer Agent New Home Purchase Date Max Sale Date
TASK
OWNER
DATE
✓
QUALIFYING THE LISTING AND CONFIRMING EQUITY
1
Submit listing in HomePro app or send customer to Knock.com
Agent ____________
2
Confirm property condition with Knock HomePro app
Agent ____________
« Knock team will review submissions and respond within 24 hours. When approved, move to step 3. »
PRE-APPROVAL AND PREP PLANNING
3
Customer to apply for mortgage with Knock Lending (apply.knock.com)
Customer ____________
4
If completing home prep, retrieve estimates and share chosen estimate with Knock for approval
Customer ____________
NEW HOME PURCHASE
5
Write purchase offer with no sales contingency and go under contract
Agent ____________
6
Submit contract to Knock Lending and the title/closing company
Agent ____________
7
Ask Knock Lending team to order appraisal
Agent/Customer ____________
8
Sign Knock Backup Contract to ensure loan compliance
Agent/Customer ____________
9
Complete home inspection and negotiate amendments
Agent/Customer ____________
10 Close New Home Purchase Transaction and Move In!
Agent/Customer ____________
LISTING THE OLD HOUSE
11 Complete listing prep ASAP (within 2 weeks is recommended) 12 List house on open market and negotiate offers
Agent/Customer ____________ Agent ____________
13 Close sale of old house and pay off Home Swap Equity Advance loan
Agent/Customer ____________
14 Post a successful #KnockHomeSwap on social media and tag Knock so we can share!
Agent/Customer ____________
NOTES