Frequently Asked Questions
How much does ReNew CPO Homes charge?”
With the ReNew CPO Home Program, you purchase your new home before you sell your old house. When you close on your new home, you’ll pay a 1.25% convenience fee (unless you opt to roll this into your mortgage) in addition to regular closing costs. Typically, closing costs include but are not limited to: attorney and escrow fees, lender fees, taxes, insurance, title. You will also pay real estate commissions which will be determined by you and your agent.
When your listing sells, you’ll simply pay ReNew CPO Homes back for monies we advanced to you during the Home Swap Process, such as:
- Old mortgage payments covered for up to 6 months
- Any home preparation costs ReNew CPO Homes advanced on your behalf
- Down payment assistance provided on your new home (we will advance up to 5% down on the new house)
Do I have to make two mortgage payments?
With ReNew CPO Homes you only have one mortgage payment. You’ll pay the mortgage on your new home, immediately building equity, while ReNew CPO Homes helps cover your monthly mortgage payments on your old house, as agreed to in your contracts.*
What happens if my house doesn’t sell in 6 months?
Before you buy your new house, ReNew CPO Homes will issue a backup offer on your old house that goes into effect after 6 months, so you can rest easy knowing that you are covered—no matter what.
Who pays for the appraisal and inspection?
Just like a traditional home purchase, you’ll pay for your appraisal and inspection on your new house as you move through the inspection and appraisal periods defined in your purchase contract.
What’s the catch? It seems too good to be true.
We get this question literally every day. There is no catch, but don’t just take our word for it. You can read 600+ five-star reviews from our customers on Zillow and Trulia here.
Knock is starting with homes that match the following criteria:
- Located within our service area (we are rolling out more markets soon)
- Single-family residential homes, including condos and town-houses that can receive traditional financing
- Clear title held by the seller
- Knock valuation range of $150k or greater, or if the combined value of the old and new homes is at least $350,000-$400,000
- Owner-occupied or vacant (sorry, no leases)
And do NOT have the following:
- Located in age-restricted communities
- Distressed sale or bank-owned
- A current solar lease
- Unpermitted additions
- Significant foundation issues or prior water damage
Of course, there are always exceptions; so please make sure you include your circumstances in our questionnaire, or feel free to reach out to us at (470) 48-KNOCK.
How does Knock price my old house?”
Our two-pronged approach to pricing homes first starts with local real estate agent expertise. Once your Knock Certified Agent has priced your house, that estimate is then checked against our proprietary algorithm to ensure its accuracy. This algorithm incorporates the most precise online and on-site data possible—from current homes for sale and recent transactions in your neighborhood to our 200-point on-site home visit—to ensure you get the best price for your house.
How do I know the price is fair?”
For your new home, the price you pay is 100% up to you (dependent upon negotiations with the seller, of course). Your Knock Certified Agent will help advise you in the offer and negotiations process.
For your old house, you’ll sell it on the market with the assistance of a Knock Certified Agent so your house will sell for market value.
Knock’s Home Swap allows you to buy your new home before you sell your old house, but Knock doesn’t purchase your old home from you—it is sold on the open market with the help of a licensed agent.
What if I don’t have enough equity built up? Would the deal not be approved?Not necessarily. Customers could have enough equity inside and outside their house to afford the new house.
[/et_pb_toggle][et_pb_toggle title=”How does the mortgage pre-approval process work?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
At Knock, we pre-approve our clients through underwriting prior to finding their new home. This allows us to close faster than traditional mortgage lenders. We’ll review the financial information you share with us to let you know exactly how much house you can afford. Most lenders wait to do this until your new house is under contract; Knock does it in advance to give you more buying power so there aren’t any special conditions attached to your offer.
[/et_pb_toggle][et_pb_toggle title=”What do “pre-qualified,” “pre-approved,” and “fully underwritten” mean?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
The mortgage industry often misuses or confuses the terms pre-qualified and pre-approved. Pre-qualified means that just your credit—but not your supporting information—has been reviewed to verify your purchasing power. A pre-approval requires a more thorough vetting, in which a lender has verified your debts, assets, income, and supporting documents, such as pay stubs and tax returns. Not only does Knock pre-approve you as part of our normal process, we also send your file to an underwriter so you’re fully underwritten for your mortgage in advance of your new home search. This is why working with Knock allows you to close faster than traditional lenders.
[/et_pb_toggle][et_pb_toggle title=”Can I only buy a Knock represented home?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
With Knock, you can buy any home on the market within the price range you have been pre-approved for as long as that home is within our current operating markets.
[/et_pb_toggle][et_pb_toggle title=”Can I sell my house in one city and buy a home in another?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Absolutely! So long as Knock is operational in both markets. Currently, we offer services in Atlanta, GA, Charlotte, NC, Raleigh-Durham, NC, Dallas-Fort Worth, TX, and Phoenix, AZ. We are growing quickly, but methodically, with plans to expand throughout the United States. If we’re not in your market yet, keep checking back as we hope to be soon!
[/et_pb_toggle][et_pb_toggle title=”Does the Knock Home Swap work with new construction? How so?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
You can absolutely purchase new construction as part of your Home Swap. Currently, we are able to assist in the purchase of inventory (already built) homes, but we aren’t able to Home Swap pre-sale or to-be-built homes.
[/et_pb_toggle][et_pb_toggle title=”What if I don’t qualify for the program?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Customer success is our number one priority at Knock. Not everyone qualifies for the Home Swap program as we don’t want to put anyone in a financially risky position. If you don’t qualify, we will provide alternative options to help.
[/et_pb_toggle][et_pb_toggle title=”When making repairs or upgrades, does the money come out of my home’s price? Are the expenses up to Knock or does the homeowner have a say in it?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Certain repairs are required in order to qualify for the Home Swap program. Your old house will be vacant when on the market so we’ll make recommendations for preparing it for sale that will help optimize its final sale price. Ultimately, the work agreed to and completed is solely up to the homeowner. Knock will advance up to $25,000 to prep your home for sale and you’ll pay us back when the house sells.
[/et_pb_toggle][et_pb_toggle title=”What if we have found a house we want to buy? Can we use you to negotiate the price we want to offer and then utilize the rest of your system?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Absolutely! With Knock, you’re able to make a non-contingent offer on your new home before you even list your old house for sale. In order to make this work, we’d want to complete a visit to your current house as soon as possible to determine your eligibility. Once we’ve determined you are eligible, you’ll need to get pre-approved with Knock in order for us to make your offer. Give us a call at (470) 48-KNOCK or send an email to info@knock.com and our customer success team will pair you with a Knock Certified Agent in your neighborhood.
[/et_pb_toggle][et_pb_toggle title=”How does closing (escrow) work?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Just like any other real estate closing, you’ll receive required closing disclosures at least three days prior to closing. From there, the closing attorney or title company will schedule a convenient time for you to sign the closing documents. If you are closing on your old home, you will also need to bring any keys that you may have to the house. If you are unable to attend the closing in person, other arrangements may be available. On the close date, the transaction is recorded on the public record and the closing attorney distributes funds.
[/et_pb_toggle][et_pb_toggle title=”How does the final walkthrough work?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
You’ll want to complete a final walkthrough with your Knock Certified Agent before closing to determine the home you are buying is as advertised and agreed to, per your purchase contract. Please reach out to your agent to schedule.
[/et_pb_toggle][et_pb_toggle title=”Do you work with other real estate agents?” open_toggle_background_color=”rgba(0,0,0,0)” closed_toggle_text_color=”#152935″ closed_toggle_background_color=”rgba(0,0,0,0)” _builder_version=”4.0.6″ title_text_color=”#152935″ title_font=”Lato|700|||||||” title_font_size=”18px” title_line_height=”1.5em” closed_title_font=”Lato|700|||||||” body_font=”Lato||||||||” body_text_color=”#152935″ body_font_size=”15px” body_line_height=”1.5em” body_ul_item_indent=”35px” custom_margin=”||||false|false” custom_padding=”0px|0px|30px|0px|false|true” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#ddd” locked=”off”]
Of course! Knock’s Home Swap product is available to be used by other real estate agents at our partner brokerages making the Home Swap accessible to many customers (and a win-win for all involved).
In regards to Knock brokerage listings, we list all of our homes in the MLS and work with other real estate agents and brokers on a daily basis, often collaborating on deals together to the benefit of our clients.
Knock maximizes the exposure and price of every home by promoting it to millions of buyers and agents on sites like Zillow, Trulia, and Realtor.com as well as listing it in the local MLS and offering full commission to any licensed agent representing a buyer.
Knock is a registered broker/agent and a member of the local MLS, so agents can show their buyers any of our homes with 100% confidence that they will receive a full buyer agent commission should their buyer purchase one of our homes. Knock takes the place of the traditional listing broker, so if you already signed a listing agreement with another broker, you will need to let it expire or pay them a separate listing commission.
Knock has an entire team to guide you through every step of the process. That includes your dedicated Knock Certified Agent who specializes in your neighborhood and is supported by a full team of specialists in areas crucial to your full Home Swap experience, like touring, home prep, and the listing process. That way, your agent can focus on essential parts of the process such as pricing, negotiation, and guiding you through the process. But don’t just take our word for it, read what hundreds of our customers have to say on Zillow and Trulia here.
You can also call or email us anytime at info@knock.com or call (470) 48-KNOCK with additional questions.
