11 Feb Leveraging your home equity with the Knock Program
A game-changer for fixed-income homeowners in Glendale
Selling your home and buying a new one can be a complex dance, especially when you’re on a fixed income but plan to use home equity. That’s where the Knock Program comes in—a unique solution that’s been a game-changer for many of my clients here in Glendale, Arizona. Let me share with you how this program can turn your current home equity into an opportunity to secure your next dream home without the usual financial headaches.
Understanding the Knock Program
The Knock Program essentially acts as a bridge, but without the typical hassles of a bridge loan. Traditionally, bridge loans are tricky because they involve collateralizing two properties and managing hefty debt loads, which isn’t ideal for anyone, especially if you’re on a fixed income. However, Knock takes a different approach by allowing you to leverage the equity in your current home effectively.
How Does the Knock Program Work?
Imagine you’ve found a beautiful home in Sun City that’s perfect for your retirement, but you can’t qualify for a traditional mortgage because of your fixed income. Here’s where Knock steps in:
- Equity Access: Knock provides you with a loan based on the equity of your current home, which you can use to purchase your new home without having to list your old one first.
- Flexibility: This program gives you the financial leeway to make an offer on a new property without making your offer contingent on selling your other home.
- Time to Sell: After purchasing your new home, Knock allows you about six months to sell your old home on the open market at its full value, rather than rushing into a potential low investor offer.
Benefits of the Knock Program
- Streamlined Process: You transition from one home to another without the pressure of immediate selling, avoiding the risk of having to accept lowball offers just to meet tight timelines.
- Financial Freedom: It frees up your equity so that it works for you as a tool for securing your next home, rather than being a locked asset.
- Market Value Advantage: By allowing you to sell your home traditionally rather than through instant-buyer programs, you stand a better chance of getting a higher price for your old home.
- Stronger Buying Power: Traditionally, buyers need to sell their current home before qualifying for a new mortgage, making their offers contingent and less competitive. With the Knock program, you can secure your next home first—giving you a stronger, non-contingent offer that stands out to sellers.
Why Choose the Knock Program?
Choosing Knock means opting for a less stressful and more financially sensible transition between homes. It’s really helpful in a stable market like Glendale, where you can afford to wait for the right offer. Plus, with my expertise, I ensure your home is positioned well in the market, increasing your chances of getting the best offer possible.
If you’re intrigued by the possibility of making your home equity work for you or just curious about your options in today’s market, feel free to reach out. I’m here to discuss how we can tailor this solution to fit your specific needs and make your transition as smooth as possible.
For more information on how you can benefit from the Knock Program or to start your home selling and buying process, give me a call or send a text. Let’s turn your home equity into your greatest advantage.