Knock, creators of the quickly growing Home Swap, a tool that helps sellers buy a new home before their current one sells, have launched a solution aimed at supporting the homeownership goals of first-time buyers and those who don’t have a home to sell.

Knock GO, which stands for Guaranteed Offer, is a “cash-like” conventional mortgage product that allows buyers to write an offer on a home without including a financing contingency, thus assuring all parties of closing at the agreed-upon date.

Knock GO also provides appraisal gap protection, agreeing to fund the purchase via buyer credit (for up to 100 percent of closing costs) should an appraiser disagree with the contract price.

Buyers will need to be fully qualified, and Knock GO requires closing date to be set no less than 30 days from contract date.

Naturally, a Knock GO offer should appeal strongly to sellers sorting through multiple, contingency-laden contracts.

According to Knock GO’s terms and conditions, Knock “underwrite[s] your loan up front so your pre-approval is as good as it gets and we guarantee we’ll close, assuming no change in qualifying information (income, assets, debts and credit), loan program, or loan structure.”

Knock GO is available in 65 markets around the country, essentially anywhere Home Swap is available.

Knock charges only a $1,450 loan administration fee.

Knock GO is another unconventional mortgage offering to further upset the traditional way people buy and sell homes. IBuyers, it turns out, were only the start of the market’s evolution, the mortgage Big Bang. From rent-to-own models like Divvy, Landis and Halo to Knock competitors Homelight, Ribbon and Homeward, the home-financing market is undergoing rapid change.

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