The Knock Bridge Loan (formerly Knock Home Swap) can ease the process of buying and selling simultaneously. You can receive a bridge loan, interest-free for six months, for a 2.25% flat fee based on your home’s estimated list price and state-specific closing costs. You can then use the loan to buy a new home, prepare your current home for sale, and more.
However, you’ll likely also have to pay realtor fees, and you’ll still need to repay the loan after six months even if you don’t sell—unless you accept Knock’s guaranteed purchase offer. Traditional agent fees are typically 5-6%. With Knock, you can choose your own agent, so you could potentially save on realtor fees with a low-commission agent.
Knock Home Swap reviews are largely positive. Satisfied customers appreciate the straightforward, easy process and high-quality customer service. Dissatisfied customers were frustrated with unexpected delays and inaccurate home valuations.
The Knock Bridge Loan may work well for sellers who need additional resources to buy and sell simultaneously. Sellers who want to maximize their profits or avoid additional fees may not benefit from a bridge loan.
🔎Knock company overview
| Customer Rating | 4.8/5 (900+ reviews) |
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| Company Details |
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| Locations | 75+ markets across 20 states |
| Fees and Costs | 2.25% flat fee plus state-specific closing costs |
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Who Knock works best for
The Knock Bridge Loan can work well for homeowners who are buying and selling at the same time, especially when you:
- Don’t qualify for financing unless you sell your current home first
- Are buying in competitive markets where having a non-contingent offer is key
- Need funds for repairs or want to avoid living in a home under construction
- Would benefit from additional money to prepare your current home for sale
Additionally, Knock wants you to put your home on the open market for the best price. According to Knock, most customers sell their homes to someone other than Knock.[1] And you can choose your own real estate agent and lender, unlike some competitors. So you can select a low-commission agent to save on realtor fees.
But a Knock Bridge Loan isn’t for everyone. You may want to avoid Knock if you:
- Are selling a home in poor condition or a non-traditional property (mobile homes, distressed homes, some condos)
- Want a faster process or more competitive pricing
- Are seeking minimal fees without additional services
Knock Home Swap review overview
| Source | Customer rating |
|---|---|
| Better Business Bureau | 5/5 (50+ reviews) |
| Trustpilot | 4.8/5 (100+ reviews) |
| Zillow | 4.8/5 (750+ reviews) |
| Weighted Average | 4.8/5 (900+ reviews) |
Knock Home Swap reviews are largely positive, especially those from the past year. The company has an average rating of 4.8/5 from more than 900 reviews across Better Business Bureau, Trustpilot, and Zillow. However, Trustpilot has a warning stating the company “may use unsupported invitation methods.”
Satisfied customers frequently spoke highly about the Knock representatives. The Knock team was described as knowledgeable, efficient, and available to help, even when problems arise after hours. Positive reviews also appreciated the ease of the service.
Knock Home Swap reviews complaints typically expressed frustration over delays, confusion with paperwork, and problems with the Knock home valuation compared to independent valuations.
Outstanding customer service and responsiveness
Satisfied customers felt Knock’s representatives were helpful, responsive, and knowledgeable. Many liked how well they were kept informed throughout the process and how representatives would “go beyond” to take care of problems.
Source: Trustpilot
Professionals who work with Knock team members also agreed. They appreciated Knock team members’ professionalism, dedication, and how easy they are to work with.
Source: Trustpilot
Straightforward, easy process
Many reviewers appreciated the ease of the process, especially when buying in one state while selling in another. Using a bridge loan also made the selling and buying process less stressful and less complicated for many reviewers.
Source: Zillow
Unexpected delays
Some dissatisfied customers experienced issues with the Knock process that ultimately led to closing delays. In a few cases, people reported losing out on selling their home or buying a new one.
Source: Zillow
Overestimated home valuations
A few reviewers were frustrated with Knock’s home valuations, which were higher than independent valuations.
One Trustpilot reviewer, Ariel, noted that a professional appraiser wasn’t used, just the “proprietary algorithm.” In this customer’s case, the Knock valuation was $30,000 higher than a realtor evaluation and $45,000 more than an FHA bank appraiser.
This complicated the buying and selling process. The customer bought a new house, assuming they’d get close to $370K once their house sold. They were also unable to sell to an FHA buyer for six months because of the valuation differences, which reduced their buyers’ pool.
Alternatives to Knock
| Company | Listing fee | Avg. customer rating |
|---|---|---|
| Clever Offers | Free* | 5/5 (3,000+ reviews) |
| Knock | 2.25% | 4.8/5 (924 reviews) |
| Orchard | 2.4% + brokerage fee (6%) | 4.4/5 (632 reviews) |
| Opendoor | 5% | 4.5/5 (4,000+ reviews) |
| Offerpad | 5% | 4.0/5 (2,700+ reviews) |
| * Clever Offers is free to use. However, there may be a program fee paid directly to the Offer partner. | ||
Clever Offers is a free, no-obligation service that matches you with multiple legitimate, vetted local and nationwide cash buyers. So you get competing cash offers, which allow you to sell fast while getting the best deal for your house. You can also receive support from Clever Offers’ team of fully licensed agents.
Orchard Move First service helps you buy then sell, but you can’t use your own agent like with Knock. Opendoor and Offerpad are iBuyers who can help you sell your home quickly for cash. You’ll pay a 5% service fee and will need your own agent to help you buy your new home.
With Clever Offers, you can get competing cash offers for a quick sale and a second opinion from a local agent for free, so you can sell your home efficiently and then buy a new one.
How Knock works
The Knock Bridge Loan lets you tap into your home’s equity so you can make a more competitive, non-contingent offer on a new home before you sell. This model allows you to avoid:
- Paying two mortgages
- Needing temporary housing since you can move before selling
- Living in a home while trying to make repairs or show it
Knock Bridge Loans are interest-free for six months. The amount is determined by the value of your home, your current mortgage balance, and what you need to buy your new home—up to $500,000.
You can use the loan to:
- Make mortgage payments on your existing home for up to six months
- Put up to 30% down on a new home
- Get up to $35,000 to prepare your current home for sale
- Cover closing costs
- Pay Knock’s fees
- And more
If your home doesn’t sell within six months, Knock offers a purchase guarantee. Knock will offer to buy your existing home for an agreed-upon price. If you don’t sell within six months, you will need to start paying back the bridge loan. So be sure to understand the rates and terms.
Knock will accept most single-family homes and townhomes. Some condos may qualify, but only in certain states. Homes are unlikely to qualify if they are in poor condition, have unpermitted additions, or are selling as-is.
Steps for a Knock Bridge Loan
With Knock, you can choose your own lender and real estate agent. So you can choose a low-commission real estate agent to save on fees. Here are the steps if you want to consider a Knock Bridge Loan.
- Complete an online application to see if you’re eligible. You’ll need to supply your address, estimated value, and estimated mortgage balance. You can do this step yourself, or Knock will work with your mortgage lender.
- Once you receive your loan amount estimate (usually within 48 hours), you can decide whether you want to sign with Knock. You should also receive the amount of Knock’s guaranteed purchase price for your home if it doesn’t sell in six months.
- If you move forward, you’ll receive the agreed-on bridge loan amount. You won’t be charged interest for six months.
- You can use the loan amount to fit your needs, such as buying before you sell, making repairs, covering mortgage payments on your existing home, and more.
- If you haven’t sold your home after six months, you can decide whether to accept the Knock Purchase Offer (usually 80% of the market value) or start to repay the loan.
Knock reviews: The bottom line
The Knock Bridge Loan and guaranteed backup offer can ease the buying and selling process. The six-month, interest-free loan can help you make a more competitive, non-contingent offer or let you cover other expenses like repairs.
But Knock’s 2.25% service fee is an added expense and not all homes will qualify. You may want to consider other options if you want to save on additional fees or are selling a distressed home or a non-traditional property.
If you want a fast cash sale, Clever Offers lets you compare multiple cash offers from vetted buyers, so you can explore competitive, competing offers risk-free. Take a short quiz to get started!