Scott Baylis

The Knock Home Swap is an exclusive loan program that allows you to purchase your new home before you sell (or even list) your existing home.  It provides funds for your new home down payment, covers your mortgage payment on your existing home and provide funds for prepping your existing home for sale if needed.  The Home Swap is the perfect solution for those who are buying and selling at the same time, giving them the power to unlock the equity in their existing home to use towards the purchase of their new home.  Only move once saving on rent, moving costs and reduce stress!  This is an exclusive program offered to a limited number of agents so please contact me today if you are interested.

How It Works

Knock will get you fully underwritten for a new home loan including a down payment advance so you can start making offers fast.

Put down a winning offer on your dream home with no sales contingency and move in right away. You only pay your new mortgage while Knock covers your old one.

Knock will advance up to $25,000 to get your old house ready for listing on the open market so it sells fast for top dollar.  When your home sells, you simply pay Knock back for the loan provided.  It's that simple!

Watch this Quick Video About The Knock Home Swap Program

Frequentley Asked Questions

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 is called the Knock Equity Advance. This equity advance is an interest free 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.  Knock does not charge an origination fee.

How do your rates compare with other lenders?
Knock offers competitive rates on their loan products. Rates may vary based on qualifications. For a custom quote you can reach out to me to start your online application.

Will my home qualify for the Knock Home Swap?
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 might 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 a 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. That said, on the off chance your listing doesn’t sell on the open market after 6 months, you’ll have the option to take an offer from Knock that we provide you up front.

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