Knock has added Houston to the list of Texas metro areas where its Home Swap solution is available, joining Austin, Dallas/Fort Worth and San Antonio, as well as three other markets nationwide.
This solution is offered exclusively through local real estate professionals who were trained as Knock Certified Agents. In this case, Knock is partnering with Berkshire Hathaway HomeServices Premier Properties and RE/MAX Fine Properties, the company said in a release.
Via Home Swap, customers can take ownership of their new home while prepping and repairing the old house to sell. Knock provides consumers with a mortgage on the new home, an interest-free bridge loan to cover the down payment, coverage of mortgage payments on the old house, and up to $25,000 for home prep and repairs for the old house.
“Now, homeowners across a large portion of Texas have a safer and more certain and convenient way to buy before they sell,” said Knock Cofounder and CEO Sean Black in a statement.
As a part of its Home Prep Concierge, Knock provides customers access to its approved contractor network and manages the payment of all bills upon client-approved completion of work, Knock said.
Knock said that it will provide a backup offer on the old house just in case it doesn’t sell within six months, but Knock claims 90% of homes sell in 90 days or less.
Knock Home Swap is accessible for 8,000 agents in Atlanta, Denver, Phoenix and the Texas markets. The startup said it plans to continue expanding its Home Swap program to at least 11 markets by the end of this year, and to operate in at least 21 markets by the end of 2021.