(602) 790-9677
(602) 790-9677
(602) 790-9677

How To Buy Before You Sell


In years past, it was relatively common to be able to put an offer on a new property that was contingent on selling one's current home. You were given a certain amount of time to get your current home under contract, and then your buying and selling transactions would take place side by side with both closings happening right around the same time. Unfortunately, in this current market where inventory is limited and multiple offers that are well over asking price with no contingencies are the norm, this scenario is becoming increasingly rare.

Another solution could be to carry both mortgages for a period of time, typically 1-2 months. This would allow you to buy a new home, move in, then sell your current home. The difficulty here for many buyers is that requires some strong finances to qualify for a new loan on top of your existing one.

Knock Home Swap is a lending solution that helps to overcome these obstacles. It allows you to buy your new home with no contingencies, move in, make up to $25,000 in repairs & updates on your existing home that can be completed through their Home Prep Concierge with no out-of-pocket costs, then sell your existing home for top dollar. And you have up to 6 months to complete the process while staying in your home. Knock is paid back from your proceeds when you sell your sell your current home.

Examples of clients that would benefit from this solution include:

  • Parents with children or older homeowners that might have issues packing everyone up each time a showing is requested
  • Buyers who can't qualify for two homes at the same time, so would require a buyer contingency on their purchase offer (which is unlikely to be accepted in our 2021 real estate market)
  • Clients who just found their perfect home, but haven't prepared or listed their current home yet
  • Buyers who would like to avoid the stress of trying to perfectly time two complicated transactions at the same time
  • Sellers with homes that need some work to be ready for market, but they lack the funds to do it now



The first step is to get pre-approved through Knock's online platform. This is a conforming conventional loan (versus FHA or VA) and you'll need a 620 FICO score and at least 30% or more in equity on your current home. Rates and fees are competitive with other lenders and can be rolled into the loan. Qualifying new properties are single family residences, condos, townhouses, and new construction. Your existing home must qualify for the program as well, with a maximum list price of $750,000. We'll take care of submitting all the required photos and information on your existing home for you.

Matthew Hoedt is certified with Knock to provide this solution, and we think it solves a lot of problems that buyers can face in our current highly-competitive market. Please let us know if you'd like more information or would like to get the process started.





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