Use Your Current Home to Buy First and Sell Later

If you’re like a lot of homeowners that are looking to move right now, and you are hoping to use whatever proceeds you may make on the sale of your current home to assist in procuring a new home, you may feel like you’re in a bit of a pinch. The current state of the real estate market sees homes selling quickly which is good for sellers. Although, if you’re also looking to buy a new home, then this could potentially be a longer journey in finding your perfect home. This could pose a dilemma. What if you don’t find your perfect home right away? If you sell your current home, where will you stay until you find your dream home? If you find your dream home before selling your current home, how do you make an offer without having the assets ready and available to make an offer? It’s easy to see why this could add a lot of stress and uncertainty to finding your perfect home.

Is there a way to use your current home to buy a new home before selling it?

If your goal is to buy first, without selling, and you don’t have cash on hand to make an offer, you can take advantage of our Knock Home Swap program. This program allows you to make a great non-contingent offer on a new home, move in, and then sell your existing home. The program also offers additional benefits that traditional lenders or iBuyers don’t.

Other benefits include:

You don’t have to worry about paying two mortgages - You’ll pay the mortgage on your new home, which allows you to immediately build equity. The Knock Home Swap program will pre-imburse you up to six months of payments for your old mortgage.
You don’t have to move twice – If you sell first, you could have to move into a temporary living space until you find your new home and therefore you may have to move twice. Being able to buy a new home before selling your current home allows you to move right.
You don’t have to live through the inconvenience of showings – Being able to buy first means you’ll be out of your current home before you have to worry about selling it. You won’t be inconvenienced or disrupted by prepping your house or leaving for showings.
It covers up-front costs on fixes or improvements to your current home – The Knock program can give you up to $25,000 to get your old house ready for the market. This will allow you the ability to get the most out of selling your old home.

What does it cost?

There is a one-time administration fee of $1700 for processing and underwriting and a 1.25% convenience fee on the purchase of your new home. The convenience fee is similar to an origination fee that many lenders charge. This fee can be paid at closing or depending on your personal situation, it can be folded into your equity advance. Knock Home Swap streamlines the entire lending, buying, and selling process.