It’s an old dilemma: “Do I sell my house first and move in with the in-laws or do I buy my new house first and worry if the old one will sell in time?” tech entrepreneur Sean Black asked. Reported Orlando Sentinel.
Black is the founder and CEO of Knock, one of the latest names in internet-based real estate sales. On Tuesday, Knock will debut its Home Swap service in Orlando and Tampa, making them the first Florida markets to fall under the company’s umbrella.
Launched in July in Atlanta, Dallas and Phoenix, the Knock Home Swap uses the expected equity from a home sale to guarantee a mortgage for a new home before the old home sells. Knock will loan buyers the money to make repairs on the home they are selling and cover the mortgage on the old home for up to six months or until it sells. The seller then pays Knock with proceeds from the sale of their house.