Buy first or sell first? New real estate platform solves classic dilemma

Aly J. Yale
The Mortgage Reports contributor

A tech-savvy solution

Should you buy your new house or sell your old one first? It’s an age-old dilemma – one that newly launched real estate platform may have just solved.

Verify your new rate (Aug 25th, 2019)

Trading places

With Knock in place, you don’t have to choose between buying or selling first. A new online real estate platform, Knock lets you “trade in” your existing property for a new one.

Here’s how it works: Knock buys your new home with an all-cash offer. They’ll manage and pay for any repairs on it and roll those costs into your new, pre-approved mortgage payment. Knock will also pay the bills on your old house and manage repairs on that property. Once you’ve closed and moved into your new home, they’ll list your old one and give you the difference – less a 3 percent commission.

How to avoid making a contingent offer on a home

According to Sean Black, CEO of Knock and a former executive at Trulia, the platform makes moving homes a seamless, hassle-free process.

“The Knock home trade-in is truly transformative for consumers,” Black said. “Our goal is to facilitate a seamless home swap by purchasing consumers’ new homes outright with our cash and moving them in before putting their old houses on the market.”

The pros of the platform

One of the biggest benefits of using Knock is that it eliminates the weeks of showings, inspections and repairs that often come with selling a property. The platform’s all-cash approach is also a benefit, helping buyers get the best price on their new home, while still keeping them competitive in today’s market.

Surprising strategies to beat an all-cash offer

Knock also uses data to track and predict price drops – another way it helps buyers get the best deal.

“We’re fundamentally changing the face of home selling by utilizing data science to price homes accurately, technology to sell them quickly and a dedicated team of professionals to guide homeowners through the selling process,” Black said.

Knock started its rollout in Atlanta and has served more than 2,000 customers thus far. It’s in the process of moving into 10 new cities, including Los Angeles, San Diego, Phoenix, Chicago, Miami, Orlando, Denver and more.

Verify your new rate (Aug 25th, 2019)

Get today’s mortgage rates

Whether you use Knock or list and buy a home yourself, it’s important to get the best mortgage rate first. Shop around and see what rates you qualify for today.

Verify your new rate (Aug 25th, 2019)