Knock Home Swap: What Actual Customers Think

Written by Jon StubbsFebruary 7th, 202311 minute read

Knock Home Swap review of cash offers and home trading services.

Knock reviews | Costs | Competition | Alternatives | Is Knock legit? | Locations | How does Knock work? | Buying with Knock | FAQs

Do you need to buy a new home before selling your old one? If so, the Knock Home Swap program is an excellent option. And if you’re looking to make a strong offer on a new home, Knock’s cash offer can help you beat financed offers in a competitive market.

Customers have great things to say about Knock in their reviews, praising the company’s customer service, transparency, and flexibility. The company is widely available, too: it does business in over 50 markets in 15 states. And if you’re trading in your home, Knock will loan you up to $25,000, interest free, to help you repair and prep the home before showing.

You have to use Knock as your mortgage lender, however, so you won’t have the chance to shop around for better rates. Also, other home trade-in companies, like Flyhomes and Orchard, will waive their service fee if you use them as your lender, but Knock doesn't give customers the option to waive its 1.25% service fee.

But there are other ways to save with Knock. Knock doesn’t have its own agents, giving you the possibility to choose your own discount agent and save on commission.

Knock vs. the competition

Buyer rebate
Use own agent
Home prep loan

Other home trade-in companies have their own unique benefits.

Homeward tends to pay more for homes it ends up buying as part of its guaranteed offer on trade-ins. Orchard's Instant Equity option allows you to avoid paying rent on the new home. Flyhomes has a guarantee where if you are unsatisfied for any reason within one year of buying the home, they’ll clean, stage, list, and sell it at no additional cost to you.

Benefits of Knock

Knock is one of our top recommendations for home trade-in services because of its positive customer reviews and the ability to use your own agent.

Actual Knock customers commend the company for how quickly it’s able to make offers and close on home purchases. Customers also noted in their reviews that Knock’s team kept them informed throughout the entire buying and selling process.

Use your own agent and save

If you’re working with Knock, you’ll need to find your own agent. This gives you the chance to save money by going with a discount agent who doesn't charge the typical 5–6% listing commission.

Other trade-in and cash offer services such as Flyhomes and Orchard require that you use their in-house agents who charge a standard commission. This option may work better for clients who prefer an all-inclusive service, but it costs more.

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Knock Home Swap helps you repair your home

If you’re using the Home Swap service, Knock will loan you up to $25,000 to help you fix up your old home. The loan is interest-free, and you won’t need to make any payments until you close on the sale of your home.

You can use Knock’s pre-approved contractors or choose your own contractors to perform the work.

Other home trade-in services offer a similar repair and prep program, but are less flexible. For instance, Orchard will also provide funds to fix up your home before listing if you use its home trade-in service, but it chooses contractors for you and has a specific list of improvements it will pay for, like flooring repairs, painting, and plumbing.

Knock’s costs compared to competitors

Knock doesn't offer a rebate for its service fee, there are some additional upfront mortgage costs, and the backup offer is lower than competitors. But in the end, it might still be cheaper than other services.

You can’t waive the service fee

Knock’s 1.25% service fee for its trade-in service is close to that of its competitors, but other companies will effectively eliminate the fee if you choose their in-house mortgage service. For example, Homeward has a 1.9% fee that’s reduced to 0.5% if you use its mortgage; Flyhomes will completely waive its 1% fee if you use Flyhomes Mortgage.

However, Knock doesn’t charge a service fee if you’re only using its cash offer service as a buyer.

Upfront mortgage payments are more costly

With Knock, the monthly payments on your new home could be higher than other services, at least for the first few months.

You’ll begin making payments on your new home immediately after you move in. Knock will pay the mortgage on your old home until it sells.

Most trade-in services require payments for the new home after you move in, but many call those payments “rent” which go to the company as operating expenses. With Knock, you begin making actual monthly mortgage payments right away.

This means you’ll be paying more money out of pocket initially, but at least these payments will be building equity in the home. Other services charge less for rent, but all of that money goes to the company, not towards paying down your mortgage.

Here’s how the monthly payments would compare for a $600,000 home.

30-day cost
Mortgage payment (0.5–1%)*
0.7% per month
$100–200 per day
$0 if using Instant Equity
*Your mortgage payment will vary based on APR and repayment terms.

Note that Orchard offers the biggest savings by not requiring rent if you use its Instant Equity option to pay for your new home (it charges $50–150 per day if you go with the all-cash Offer Boost program). Of course, you’ll eventually be paying the full mortgage payment on your new home no matter which service you use.

Knock’s backup purchase offer pays less

If your home is listed for six months and still doesn’t sell, Knock will purchase the home from you, paying about 80–85% of the home’s fair market value.

Homeward has the same six-month guarantee, but claims to pay 93–95% of fair market value for your home.

It’s important to keep in mind that your home is likely to sell on the open market well before these offers apply. So the backup offer shouldn’t be a dealbreaker if you’re trying to decide between services.

Who should use Knock?

Knock is a better option than other home trade-in and cash offer companies in the following instances:

  • You are selling a home that needs repairs before it’s ready for market.
  • You are willing to use Knock’s mortgage service, giving up the opportunity to shop around for other rates.
  • You want to use your own agent.

Best alternative: Orchard

If using your own agent isn’t important to you, Orchard is a good alternative to Knock.

Orchard is also a good choice for those selling a home that requires repairs before listing it. Like Knock, Orchard fronts the money for repairs and the cost is deducted from the sale price later.

Orchard’s biggest advantage is not requiring rent for its Instant Equity program, which could add up to thousands in savings. (You'll pay $50–150 per day if you use Orchard's stronger, all-cash Offer Boost program.)

And if you’re worried about your old home not selling, Orchard also has a guarantee to buy the original home if it doesn't sell within four months.

How to use a discount agent with Knock

You can use your own agent with Knock, which can provide some unique advantages, such as working with someone you trust and saving money on commission.

It's important to have a competent agent who can walk you through all of the paperwork and other details when you're trying to buy and sell a home. When you're trying to time two transactions, there are a lot of moving parts — closing dates, inspections, appraisals, and more.

Additionally, finding an agent who doesn’t work for the company financing your new purchase means that they only have your best interests in mind, not those of the company.

Our partners at Clever pre-negotiate commission and will match you with an agent who can sell your home for just 1.5% in commission, leading to thousands of dollars in savings.

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Is Knock legit?

Knock is a legitimate company that offers loans to buyers and sellers, allowing them to make cash offers on homes or trade-in their old home for a new one with its Home Swap.

Knock was launched in 2015 by founding members of The company has raised more than $600 million from investors.

Knock currently offers its Home Swap in over 50 markets and plans to be in over 100 markets by 2023. [1]

Knock does Knock operate?

Knock operates in over 50 markets across 15 states.

If you live in one of the states where Knock is available, here are other services that are also available to you.

Knock competitor availability by state

Colorado, Georgia, Maryland, North Carolina, and Texas
California, Colorado, Oregon, Texas, and Washington

Knock reviews from customers

Knock has an average rating of 4.8 across 810 reviews.

Overall, customers say that the people at Knock were responsive and ready to answer any questions they had. Past clients say that Knock worked to close on their new home quickly, making the service incredibly convenient.

However, a small minority of reviews said that Knock dropped the ball at a critical point in the process, leading to complications with closing.

Average review
4.3 across 55 reviews
4.8 across 738 reviews
Weighted Avg. Rating
4.8 across 810 reviews

Knock Home Swap helped customer win in competitive market

This customer was pleased that Knock’s cash offer gave them a chance to win the bidding war for their home in the competitive market of Southern California. Knock even managed to negotiate a deal for $50K under the asking price. According to this customer, the Knock service team was in touch “every step of the way.”

My wife & I both decided to give Knock Home Swap (bridge loan service) a try. Other so called 'bridge loan' lenders offer 'hard-money' type loans that come attached points and/or higher interest rates (outrageously high). Well, I'm happy to say that we did indeed find our dream home, here in the ultra-competitive red hot real estate market of So. California. Our offer accepted by the sellers immediately and for $50k under asking! Closed in 30 days too. The Knock Lending team were in touch every step of the way, always kept us informed day or night, were transparent about the lending terms, were as close as text, email or by phone. In summary, it overall was a very pleasant experience, and would highly recommend their service to everyone. Bravo!

Knock Home Swap helped client buy and sell quickly

This customer said Knock’s knowledge about the market helped them sell their home quickly and easily. They sold their home in less than a week and closed within 20 days. They were happy that they never needed to show their home while living in it.

The Knock process allowed us to leverage the knowledge and market data compiled by Knock to price and sell our home quickly and easily at full market price with total satisfaction while enjoying the home of our dreams with the trade-in process. We moved in just under a month and our house went on the market within 2 weeks of our move out. The sell took just under a week and we closed within 20 days. The best part of the whole process we never had to endure the stress of showing our former home. The Knock team took care of everything while we enjoyed our new dream home.

Repeat customer said Knock has improved

This customer used Knock for two transactions, with the second one going more smoothly than the first. The most recent review, from February 2022, suggests that the service has improved since the customer’s first transaction. She said even though they hit a few snags, Knock’s professionalism and concern won her over.

Knock has a good, innovative product that is poised to be a leader in service to many sellers and buyers. My experience with Tara Robertson, Oscar Gomez, and their teams was positive. They are knowledgeable and professional. And they really want to help serve their customers and agents. I saw improvement from my first transaction to my second. The communication was now timely and constant. We achieved closing within the 30 day window. But we had a slight hiccup at the end. What matters to me is how it was handled: with professionalism, sincere concern and service that went 'above and beyond'. I recommend Knock Swap and I would use them for myself as well.

Customer felt abandoned, closing delayed

While the majority of Knock’s reviews are positive, there were a few negative reviews that reflected a similar theme: gaps in communication that lead to delays or missed opportunities.

This customer ran into big problems when the closing on their new home was delayed because of lack of communication on Knock’s part. They said Knock passed them around from person to person, then ignored them for days.

However, the reviewer describes how they appreciated that Knock reached out and attempted to make things right.

We were supposed to close on our house yesterday, and because of Knock's lack of professionalism, complete incompetency with communication and just plain terrible service, we are left without a home. We have already sold ours and have no where to go. They passed us around from person to person, and would ghost us for days. We never got clear answers, and were never given correct instructions on what we needed to do. They made promises and verbal agreements that they did not uphold, and they did not do their jobs in a timely manner. **Update on 6/10/2021** Knock had a man named Stephen reach out to us after they read our initial review. He was incredibly transparent, attentive and wonderful with communication. It was a completely different experience than what we dealt with in the beginning. He was on top of everything, letting us know daily what was going on. We decided ultimately to go with another lender, but would highly recommend working with Stephen to someone who was interested in using Knock in the future. He will get things done for you!

How does Knock work?

If you need to trade in your old home for a new one, or if you just want a way to make an all-cash offer on a home, Knock can help you finance the deal.

Here’s how Knock Home Swap works:

Step 1: Apply online. Knock will analyze your financial situation and let you know within 48 hours if you pre-qualify for its service. Next, you’ll complete a formal mortgage application so Knock can prepare an offer. You’ll find out if you qualify in another 48 hours.
Step 2: Buy your new home. Using Knock’s cash, you’ll make an offer on the new home. If it’s accepted, you can move in right after closing. Knock will pay the mortgage on your old home for up to six months while you make the mortgage payment on your new home.
Step 3: Prepare your old home for listing. You and your listing agent will get the old home ready for the market. You can use Knock’s $25,000 interest-free loan to help make repairs. The home will need to be ready within 45 days.
Step 4: Sell the old home. Live in your new home until the old one sells.
Step 5: Pay Knock for your new home. Once the old home sells, you’ll pay Knock back for the cash offer and any money you borrowed for repairs to the old home.

Things to watch out for

Knock will hold your old home for collateral until it sells. When you use the Home Swap program, Knock will place a lien against your old home, so you have to repay it in full when your old home sells.

Knock has a backup offer in case your home doesn’t sell, but it should be a last resort. If your home doesn’t sell on the open market after six months (which is unlikely), you can opt to use Knock’s backup offer of 80–85% of your home’s fair market value.

It’s nice to have a backup offer, but taking this over selling on the open market would be a big loss. You’ll need to have an experienced agent on your side to make sure your home sells quickly for the highest amount.

Not all homes are eligible for Knock Home Swap. Here are some reasons Knock might deem your home ineligible:

  • You live in a 55+ community.
  • Your home has significant water damage or foundation damage.
  • There isn't any recent, similar sales data in your area.
  • You have unpermitted additions.
  • You have a distressed or bank-owned home.


The Knock Home Swap program can get you into a new home in 30 days or less, depending on how quickly the searching and offering process goes. You’ll still need to sell your old home to complete the process.

In fact, Knock has a 30-day closing guarantee, in which it promises you’ll close on your new home in 30 days or you’ll get $5,000.

First, you'll need to get pre-approved to determine the approximate size of your loan, which takes about 24–48 hours. Then, you'll be ready to make an offer on your new home.

Buying with Knock's Guaranteed Offer

If you only need to buy a home, Knock can help you put down an all-cash offer using its Knock GO (Guaranteed Offer) service.

Cash offers are more attractive to sellers because they don’t come with any strings attached. Buyers who make an offer using financing may need to ask for more time or other special favors, but a cash offer is ready to be accepted immediately, giving the seller the quickest way to close.

You’ll pay only a $1,450 lender fee and closing costs. There are no origination fees to use Knock GO.

Here’s how it works:

Step 1: Get pre-approved for a loan so you know your home shopping budget.
Step 2: Find a home that you love and make a cash-backed offer to stand apart from other offers.
Step 3: Close on the home, then move in.

How does Knock’s Guaranteed Offer compare?

Knock’s Guaranteed Offer is less expensive than other cash-backed offers, as you only need to pay the $1,450 lender fee.

Here’s how it compares to other cash offer services:

Total fees for $600K home
*These fees are waived if you use the company’s lender.

Knock’s fee for the cash offer service is just a $1,450 lender fee with no added service fees. This is much less expensive than Flyhomes' or Homeward's fees. However, if you end up using Flyhomes' or Homeward's in-house lender, those fees are waived, making these companies a cheaper option.

How much does Knock cost?

» Only interested in buying with a Knock cash offer? Jump to Knock GO fees

Cost of trading homes with Knock Home Swap

We estimate that using Knock to trade in your home with a traditional agent and finding your own lender will cost about 8.75–16.25% (plus $1,450).

If you want to save money, you can use a 1% commission agent. Your cost will go down to about 6.75–14.25% (plus $1,450).

Here’s how much Knock would cost when buying and selling two homes, each with a value of $600,000. (To keep things simple, we assumed both the old and new homes have a value of $600,000. If you’re moving from a less expensive home to a more expensive home, the costs will vary.)

Knock Home Swap, using traditional agent

Cost on a $600,000 home
Service fee
Seller closing costs
Buyer closing costs
Realtor commission
New home mortgage payment
Processing flat fee

8.75–16.25% + $1,450

Knock Home Swap, using a 1% agent

Cost on a $600,000 home
Service fee
Seller closing costs
Buyer closing costs
Realtor commission
New home mortgage payment
Processing flat fee

6.75–14.25% + $1,450

To compare, trading the same two $600,000 homes using Orchard would cost between $55,500–87,000 (9–14% + $1,500–3,000 in rent), if you use Orchard's all-cash Offer Boost program.

Going with Flyhomes would cost between $39,00084,000 (6–13% + $3,000–6,000 for rent) if you take advantage of its service fee rebate and closing cost credits by using its mortgage lender and agents.

Cost of buying with Knock GO

If you use Knock GO to make a cash offer on a new home, you’ll pay $1,450 plus 2–5% in closing costs. This would add up to $13,450–31,450 on a $600,000 home.

If you choose to just buy a home with Flyhomes using its cash offer service, you’ll pay 3–6%, which includes the 1% service fee and buyer closing costs. This would add up to $18,000–36,000 for a $600,000 home.

If you use Flyhomes Mortgage for your lender, you’ll get a 1% credit to offset the service fee and you’ll only pay 2–5% in closing costs, or $12,000–30,000 on a $600,000 home.

This is the same cost as Homeward, which also offers a credit if you use its in-house mortgage service, canceling out its standard 1.9% fee. You’ll just need to pay the 2–5% closing costs.

Orchard’s similar Buy with Orchard program doesn’t have any associated costs, but you’ll need to work with one of its agents and pay a traditional commission of 4–6%. This would end up being $24,000–36,000 on a $600,000 home.

👋 Next Steps: Talk to an expert!

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Ready to get started? Give us a call at 1-833-2-CLEVER or click to learn more.

Remember, this service is 100% free and there’s never any obligation.

FAQs about Knock

Is Knock Home Swap legitimate?

Yes. Knock Home Swap is a legitimate home trade-in service offered by Knock. Knock charges 1.25% plus a $1,450 processing fee to help customers buy a new home before selling their old one. Learn more about how Knock works.

How does Knock Home Swap work?

Knock Home Swap helps you buy a new home with an all-cash offer before the old one sells. Once you move into the new home, you’ll put the old home up for sale with your own real estate agent. You’ll pay the mortgage on the new home while Knock pays the mortgage for the old one until it sells. Find out how Knock Home Swap compares to other trade-in services.

What is Knock Real Estate?

Knock provides services that allow customers to buy a new home before they sell their old one or place cash offers on homes in competitive markets. Knock was launched in 2015 by founding members of Since then, the company has raised more than $600 million from investors. Knock currently offers the Home Swap in over 50 markets. Learn more about Knock.

What is a Knock agent?

Knock Certified Agents are real estate agents who have gone through training to become familiar with how Knock Home Swap and Guaranteed Offer programs work. This is optional — agents don't need to be certified to work with clients who are using Knock. Learn more about Knock.

What is the Home Swap program?

The Knock Home Swap program is a home trade-in service that allows you to buy a new home before you sell your old one. Knock charges 1.25% plus $1,450 for the service. Learn more about what Knock has to offer.

Where is Knock headquartered?

Knock is headquartered in New York City and has offices in seven other locations across the U.S. Knock provides home trade-in and cash offer services in over 50 markets across 15 states. Find out more about where Knock operates.