Knock Knock! Who’s there?
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.
- Wants to buy, but needs to sell to qualify (needs a sales contingency, traditionally)
- Buying in one of Knock Lending’s open markets
- 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
- 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)
- 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)
- 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)
Your REALTOR, your friend, and your real estate expert,