Knock Knock! Who’s there?
It’s Tricia jo on the go, want to swap houses to get your dream home?
This isn’t an April Fool joke. I truly didn’t believe it either right away, how can you buy a house while still owning your current one?
I recently received my knock certification to better serve my clients and friends. Let’s look closer together.
I have exclusive access to a program that empowers you to buy a new home before you even list this house for sale. This program provides funds for up to a 20% downpayment on your new home, and up to 6 months' worth of mortgage payments on your old home so you’re only paying your new mortgage! Also up to $25,000 to get your old home market ready if needed, so you get top dollar when you sell.
If you’re interested in the convenience of being able to present a non-contingent offer before selling your old home, the certainty that you won’t be paying 2 mortgages, and cost savings by not having to move twice – let’s explore this option for your move.
Now let’s break it down more too. The Ideal Home Swap Customer (lots of text, but it’s easy to read trust me)
Situation:
- Wants to buy, but needs to sell to qualify (needs a sales contingency, traditionally)
- Buying in one of Knock Lending’s open markets
Equity/Credit:
- Has at least 30% equity (or more) in their home
- Factor all liens (primary mortgage, any second mortgage, leased solar, HELOC, etc into calculations). If you don’t want to do this, that is fine – Knock Lending will double-check for you.
- My credit score is 620 FICO
Loan Type:
- Can qualify for a conventional loan (FHA/VA won’t work right now)
- Conforming loans only (no jumbo details below on that price range basically)
Property Condition:
- Their house is well maintained – no major structural work is needed
- May need up to $25k in cosmetic work (i.e. paint, carpet) for listing
- If over $25k, the overage is paid directly by the customer
- Home doesn’t have any major visual detractors nearby (i.e. busy roads/highways, large power lines, cemeteries, commercial properties, unusable yards, etc)
Listing Value:
- Value is at or below Knock’s maximum list price of $850,000
- There are similar comps (at least 2-3) that clearly prove this value in MLS
- Your agent is confident it will sell well – market data proves this (days on market)
New Home Criteria:
- Buying a residential property for use by a single family (houses, townhouses, condos – but no vacant land, mobile homes, modular homes, etc) Duplexes/Triplexes accepted if one unit will be a primary residence.
- Conforming loan (no jumbo)
OK, don’t worry I got your back. Let’s talk if something inspires you in this knock throw-down.
Your REALTOR, your friend, and your real estate expert,
