EasyKnock is a real estate technology company that operates in all 50 states. The company offers two main programs for homeowners: Sell & Stay and MoveAbility. Both programs let you access the value of your house without moving.
EasyKnock specializes in home sale-leaseback programs. Sellers receive money for their home quickly and can continue renting their house, repurchase it or use the funds to buy another house.
- You don’t need to move
- Lenient eligibility requirements
- Quick access to money
- Fees if you buy back or move
- You no longer own your home
What is EasyKnock?
EasyKnock differentiates itself from real estate technology companies and banks by building relationships with its sellers. The company’s two programs, Sell & Stay and MoveAbility, let you access funds based on your equity in your home without requiring you to move. EasyKnock acts as your landlord after purchasing your house.
EasyKnock can buy single-family homes, townhouses and warrantable condos. The company purchases homes at a fair market value that's determined by a third party. The transaction includes EasyKnock Option, which means you can repurchase your home or move and receive additional funds.
EasyKnock works with a broad range of income types and credit scores. It’s important to note that the repurchase option is not available in all states.
How does EasyKnock work?
Homeowners have two EasyKnock programs to choose from: Sell & Stay and MoveAbility. Sell & Stay is a home sale-leaseback program. This means that EasyKnock buys your house at a fair price and rents it back to you as a tenant. This lets you access funds you need without having to give up your home.
You can lease the home for as long as you’d like, and you have the option to eventually repurchase it or move. This program helps reduce your housing bills by handling expenses such as property tax, homeowners insurance and other costs.
MoveAbility lets you sell your current home before buying your next one. EasyKnock purchases your home and leases it back to you for up to 12 months or as long as you need to be ready to move. This program allows you to access the money you need for a home purchase and makes the transition to a new home more accessible.
When you’re ready, EasyHome puts the house on the market at a price you set with the realtor of your choice. Since you’ve already received the house’s cost, it doesn’t matter how long the home takes to sell. This is the best option for finding or building your dream home without a bridge loan.
EasyKnock charges a processing fee of 2.5% of the house’s purchase price. Sellers are also responsible for traditional closing costs. EasyKnock collects a closing cost contribution of 1.5% of the appraised home value plus an extra $3,000.
The cost of your rent is market price, which is determined by third-party data. Typically, rent is around 0.75% of the purchase price per month. EasyKnock also requires you to purchase renter’s insurance. Overall, EasyKnock is transparent about the costs and fees that come with its services.
- What does EasyKnock do?
- EasyKnock offers homeowners a sale-leaseback option to get money from their home equity without moving. Basically, EasyKnock buys the home and lets the sellers stay as tenants.
- Where is EasyKnock based?
- The company has offices in New York and Charlotte, North Carolina. Employees also live in Washington, D.C., and Los Angeles.
- How much does EasyKnock cost?
- EasyKnock takes a 2.5% processing fee based on the purchase price. There are also typical closing costs to consider. Monthly rent for the lease is typically 0.75% of the purchase price per month.
Is EasyKnock legit?
EasyKnock is a legit company that can be a great help to homeowners in a tight spot. 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. There are no credit score requirements, so it’s also helpful for those who don’t qualify for a loan. The purchase process is straightforward, and you receive money much more quickly than with a traditional sale. 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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