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EasyKnock Residential Leaseback Review

14 Customer Comments & Reviews - see all comments
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EasyKnock is a New York City-based company founded in 2016. The company was in the United States to offer a commercialized residential sale leaseback program. Today the company offers homeowners three different programs, each of which allows them to access the equity in their homes without refinancing or taking out a traditional home equity loan or line of credit. EasyKnock is A+ rated by the Better Business Bureau.

How is EasyKnock rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

EasyKnock is a relatively new company that originally offered the first residential sale leaseback program in the United States. The company now offers three programs that allow homeowners to access the equity in their homes without taking out a home equity loan or line of credit, without refinancing, and without paying interest on the cash they receive under the terms of their EasyKnock agreement. But here's the catch. You need to actually sell your home to EasyKnock.

After you've sold your home to EasyKnock, depending on the program you choose, you may be able to stay in your home for up to 12 months or forever as a renter. Under two of the company's three programs, you have the opportunity to buy your house back at a price that is laid out in your agreement with EasyKnock. After you've sold your home, EasyKnock will pay the taxes, insurance and maintenance costs. You'll only be responsible for paying your monthly rent.

EasyKnock may be ideal for homewowners with non-traditional credit profiles and may not have sufficiently good credit to qualify for more standard equity access instruments.

EasyKnock's programs might be especially attractive if you need cash fast. Program participants typically receive their funds in about 21 days, which is considerably quicker than going through the process of refinancing you home. A sale lease-back arrangement can also be helpful for homeowners who want to move without the burden of a contingent sale agreement, which many homesellers will not agree to.

EasyKnock Features


EasyKnock Qualifications

Minimum Home Equity
50%

EasyKnock Customer Experience

Total Consumer Financial Protection Bureau Complaints
0
Total CFPB Complaints/Originations
0.0
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote

Trust Pilot Rating
4.7 out of 5
BBB Rating
A
Date Collected
2021-12-05

Contact & Additional Information

Homepage URL
Company Phone
(844) 888-9213
Headquarters Address
79 Madison Ave., New York, NY, 10016
Year Founded
2016

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14 Customer Comments & Reviews

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Helen S
3/28/2020
This company is the definition of predatory lending. They offer home equity payments to the owner of the home and end up having you sign off on a lease back program to get equity from your home. They commit fraud by signing the contract without the consent of the homeowner and do provide any paperwork much less follow the Real Property Laws of the State of Texas and the Homestead Act which pertain to the Texas Real Property Laws. This company is based out of New York and they obviously do not know or are familiar with Texas Real Estate laws protecting the homeowner. They fraudulently take possession of the home under false pretensions and have not paid a dime in equity to me (the owner)... Read More


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GLYNIS G
12/28/2019
I filled out the information and have been contacted via TEXT MESSAGES yet nobody answers my questions. I am surprised at your overall rating. It asks for your Mortgage balance and who ever texted me said the home has to be FREE & CLEAR ?????? That's not what the website says.

L
Leah H  
Official Response

VP of Marketing of EasyKnock Residential Leaseback
Hi Glynnis, I've looked through the correspondence record and don't see any texts sent by our team members. We don't require the home to be owned free and clear, though we do have some limitations. We're further investigating, but in the meantime, I'm having someone reach out to rectify and see if we can assist you!

Shawn D
9/7/2019
I am wrapping up the sell and lease program with Easy Knock. A little over a year ago I had $140,000-$150,000 in home equity. The program designed to put you in a position without many options or representation. The seller is supposed to pick the listing agent but then they tell you about the fees and document the sellers broker has to sign but there's no way that will happen. So you are left with the dream team that consists of American Destiny and some local spare real estate broker that tries to convince you that your home should be listed $60,000 below market based on comps. Wait....it gets better. Said spare real estate broker shows up with his photographer to take pictures to list... Read More

Leah H  
Official Response

VP of Marketing of EasyKnock Residential Leaseback
Hi Shawn, it’s disappointing to see your review, as we did everything we could to assist you. Many of your comments are simply not true. Our Tenants with options get to choose their broker as long as they abide by the terms of their lease agreement, mainly - staying current with rent payments. While unfortunately, you did not make rent payments, we still let you use an agent you wanted to try and sell the home. However, after no action for 3 months, we had the house listed through an agent of our choosing. Even at that point, per your request, the house was listed at an inflated price, higher than the amount at which it was appraised. The home sat on the market for an additional 3 months, at which point we reduced the price. During this entire period, you did not pay rent and we still tried to work with you, instead of seeking an eviction through the court. During the listing period, you also did not cooperate with the sales agent with respect to showings. In order to facilitate a smoother home sales process, we gave you $8,000 dollars to move out so the house could be properly shown. You took the $8,000 but did not uphold your agreement to move out. After you did not pay rent for 6 months, did not cooperate with showings to get the house sold and misled us into giving you $8,000 to assist with relocation expenses - we finally filed for and obtained a judgment against you to evict you and for back rent. Furthermore, the comment about photos of trash is not true. After the agent was finally able to get into the house to take pictures, all the listing pictures were professional with no pictures of trash as claimed (https://www.zillow.com/homedetails/637-Scottsdale-Dr-Richardson-TX-75080/27169717_zpid/) The comment about an iBuyer is also false. The home was never sold to an ibuyer, it remains on the market.You have not lost $100,000 - once the home is sold on the market, EasyKnock will receive the rent we are owed, and you will receive any remaining value. Lastly, you chose to work with EasyKnock initially because you wanted the flexibility to stay in your home as a renter on top of turning your equity into cash. We tried our best to make sure this option worked for you but after months of you not paying rent, our hands were tied.

nmw0714
5/21/2019
By far the WORST group of people I have EVER dealt with! Literally went through hoops with my HOA for 3 weeks - Easy Knock kept telling me closing was this day, then the next etc. then they finally wrote me an email (never returned calls) stating that they couldn’t approve the deal now because the home (that was supposed to be a stay and sell) wouldn’t be vacant at closing when that was never discussed. They basically want you to vacate your home - pay a ton of fees - CHARGE YOU RENT EVEN WHEN YOUR NOT LIVING THERE ! BEWARE - they sucker in people who are in tough situations only to completely change the entire deal! We sold half of our home contents pending the closing so we... Read More

Leah H  
Official Response

VP of Marketing of EasyKnock Residential Leaseback
Hi Natalie, we apologize that your experience with us was unsatisfactory. We are constantly growing and improving and appreciate your feedback as an opportunity to learn. While we did sign an agreement to purchase the property, the agreement was subject to inspection, amongst other things. We apologize that this was not communicated clearly. The inspection revealed significant issues that would have required the home to be vacant in order to be fixed (it would have been too dangerous for you to remain in the home while the necessary repairs and construction occurred). We still wanted to provide you with an option, so we offered to buy the home provided it would be vacated at closing. Unfortunately, that was not a good solution for you. We strive to help as many people as possible, however we are sorry we were not able to provide a beneficial solution for you. Thanks again for providing this feedback - we are already making changes based on it and using it as an opportunity to grow.