Knock is a trade up service that helps buyers make an all-cash offer on a new home before they sell their existing home.
Buyers get approved for a certain amount of budget and work with a partner agent to find a new home. When the buyer is ready to purchase, Knock will help the buyer make an all-cash offer. Knock will also support the mortgage process and after closing sell the loan into the secondary market for servicing. Knock does not purchase homes directly and instead will help finance any preparations for a home listing a customer has to make (i.e. painting, cleaning) that are paid back on closing. It also provides traditional mortgage offerings to the buyer.
Knock charges a 1.25% service fee based on the new home's purchase price.
Knock generates revenue through service fees on each transaction it supports as well as associated mortgage offerings it provides to the buyer.
Knock is privately held.