Knock isn't a cash offer. It's a bridge loan with a marketing department.

Knock's Home Swap is frequently listed alongside Opendoor and Zoom Casa, and it probably shouldn't be. It is not an iBuyer and it is not a Cash Offer Plus program. It is a bridge loan — underwritten by Knock's lending partner, secured by the departing home, and priced at roughly 7.9% APR in April 2026. The marketing presents this as "cash for your next home." The contract calls it what it is.

For sellers who are trying to buy their next home before selling the current one, Knock is genuinely useful. For sellers who just want to sell, it solves a problem they don't have and charges interest on it.

How the swap actually works

Knock underwrites the seller against both homes, extends an interest-accruing bridge of up to 85% CLTV, and allows the seller to close on the next home before listing the current one. The current home then goes to the MLS under a standard listing arrangement. When it sells, the bridge is paid off. If it doesn't sell in 180 days, Knock's guaranteed-offer backstop kicks in at ~88% of the listed price.

"The 88% backstop is the last-resort floor. If you hit it, the bridge interest has already eaten most of the upside."

What the * on the net-proceeds figure hides

The $678,600 figure above assumes the home sells at list within 45 days and the bridge is paid off before the second interest cycle. Hold time matters enormously: each additional 30 days on the bridge costs roughly $3,000 in interest. The true program cost is not the 1.25% fee; it is the duration of the bridge itself.

Where Knock belongs in a seller's stack

For a seller who has already identified the next home and must close on it this month, Knock is the right tool. Used that way, the interest cost is a reasonable price for avoiding a contingent offer on the buy-side. For a seller comparing programs on listing-side net proceeds, Knock is in the wrong category entirely — compare Zoom Casa or a traditional listing.