A New Trade-in Program for Homes?

KNOCK logo.In our perpetual quest to keep agents informed about disruptors in the real estate space, we bring you news of “Knock,” a startup which (according to HousingWire) makes “selling your old house and buying a new one is just as easy as trading in your old car for a new one.”

Forbes reports, “The deal that New York-based Knock offers homeowners is this: If you want to sell your home and buy a new one, it will set up a trade for you so that you can move into the new house before the old one goes up for sale. Knock will pay for the new home with cash, then sell the old one, and do a swap with the homeowner once it sells.”

The company explains their model this way: “Knock.com charges the same 3% commission as a traditional broker, but the trade-in saves consumers months of inconvenient repairs, showings and uncertainty, without forcing them to give up any more of their hard-earned equity. Knock.com’s all cash offer also ensures its customers get the best price on their new house, and eliminates the risk of losing it to another buyer while they wait for their old home to sell.”

Can it work? Some say it’s already a success, while others are skeptical. The start-up is currently rolling out their model in ten more cities, including Charlotte, Raleigh, Los Angeles, San Diego, Phoenix, Chicago, Miami, Orlando, Tampa, and Denver.

Learn more about Knock here:

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