About EasyKnock
EasyKnock is a real estate technology company. The company offers two programs for homeowners: Sell & Stay and MoveAbility. These programs allow you to convert the value of your house into cash without having to move. In some cases, you can even buy your home back or renew your lease.
- Quick conversion to money
- No need to move
- Lenient eligibility requirements
- You no longer own the home
- Fees if you buy back or move
What is EasyKnock?
EasyKnock differentiates itself from real estate technology companies and banks by building relationships with its sellers. The company’s programs — Sell & Stay and MoveAbility — let you convert funds based on your home’s equity without first moving out. EasyKnock acts as your landlord after purchasing your house.
EasyKnock buys single-family homes and townhomes. The company purchases homes at a fair market value determined by a local, third-party, licensed appraiser. The Sell & Stay option and MoveAbility option allow you to receive additional funds if your home appreciates by the time it sells. But you also could lose funds if your home depreciates.
EasyKnock works with a broad range of income types and credit scores. It’s important to note that the repurchase option isn’t available in all states.
How does EasyKnock work?
EasyKnock buys your house at a fair price and rents it back to you. This lets you convert the funds you need without you leaving your home. You may receive between 75% and 90% of your home’s equity, depending on the program you choose.
Sell & Stay and MoveAbility homeowners have the option of receiving the home’s remaining balance when it sells. When you're ready, you can put your house on the market with the listing price and agent of your choice.
Since you’ve already received the equity, it matters less how long the home takes to sell. EasyKnock is an option for finding or building your dream home without a bridge loan.
In the meantime, you can lease the home and continue living in it. Sell & Stay homeowners in some states have the option to repurchase the home eventually. With the MoveAbility option, you can stay in your home and pay rent for up to 12 months while finding another home, but the lease is nonrenewable.
The company’s programs help reduce your housing bills by handling expenses such as property tax, homeowners insurance and other costs while you rent.
EasyKnock programs
EasyKnock has three programs:
- Sell & Stay is designed for homeowners wanting to convert their home’s equity now but who might desire to repurchase their home later. You can tap into as much as 75% (or 85%, in certain cases) of your home’s equity and receive the rest of the balance when your home sells. You can also potentially receive additional money if your house appreciates by the time of sale. This program lets you live as a tenant in the home for as long as you’d like.
- MoveAbility is similar to the Sell & Stay program, except you don’t have the option to buy back your home. You can receive up to 85% of your home’s equity and rent the home for as long as 12 months. MoveAbility leases cannot be renewed.
EasyKnock fees
As the seller, you’re responsible for both buyer's and seller's closing costs, which are based on your home value and your area’s practices. These are about 1.5% of the home's value but vary by location. You also pay EasyKnock at closing for any presale repairs.
As far as your monthly rent, your purchase agreement discloses the amount, so you’ll know before you sign. EasyKnock sets this rate based on rent prices in your area. The company uses an independent third-party analytics vendor to analyze your area’s going rates.
EasyKnock’s Sell & Stay program has annual rent increases of 2.5% or the consumer price index (CPI) — whichever is greater.
EasyKnock’s processing fees depend on which solution you choose. The Sell & Stay program charges a processing fee of 4.99% of the house’s purchase price. MoveAbility charges 3.75% of the purchase price (minimum of $5,000).
Sell & Stay and MoveAbility have an additional annual option fee of about 3% if you sell your house. If you buy back your home under Sell & Stay, the annual fee is also about 3%.
EasyKnock FAQ
Is EasyKnock a reverse mortgage?
No, EasyKnock is not a reverse mortgage. EasyKnock offers residential sale-leaseback solutions. This is when you sell your house to someone or a company and then rent it. It’s a way to get cash for part of your home’s equity without having to leave it.
Where is EasyKnock available?
EasyKnock is available in most states but doesn’t serve every market. It encourages you to fill out a qualification form to find out if EasyKnock is available where you live.
What types of homes qualify for EasyKnock?
EasyKnock only buys single-family houses and townhomes. Other properties, like mobile homes, multifamily units, commercial units and certain rural parcels, are ineligible.
Who owns EasyKnock?
Jarred Kessler is EasyKnock's founder and CEO.
Is EasyKnock legit?
EasyKnock is a legit company that can help homeowners who need to convert their home equity. Whether you’ve hit a rough patch financially or need your home’s value to purchase or build your new dream home, EasyKnock can help.
EasyKnock's credit score requirements aren’t set in stone, so it’s also helpful for those who don’t otherwise qualify for a loan. The purchase process is straightforward, and you receive money quickly. From there, you can continue living in the home as a tenant, move to a new home when you’re ready or repurchase the house when you’re able.
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EasyKnock Company Information
- Company Name:
- EasyKnock
- Website:
- www.easyknock.com