Episode Transcript
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(upbeat music)
Everyone, welcome to the Danny Buys Housespodcast.
I'm your host, Danny Johnson, real estate investorand founder of Danny Buys Houses in San
Antonio, Texas.
Now, if you're going through a divorce or thinkingabout it and wondering what to do with the house,
this
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episode is for you. Today, we're tackling how tosell your home fast and fairly during
a divorce here in San Antonio or any surroundingareas in South Texas.
I'll walk you through the options, how a cash salecan help, and answer some listener questions
along the way. So, let's get right into it.
All right. Divorce is tough, right? I've seen itup close helping
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people sell houses for over 20 years, and I'vebeen through it myself and do not wish it upon
anybody.
Uh, in Texas, we're a community property state,uh, which means that anything you and
your spouse bought together, like the family home,
gets split 50/50 in a divorce settlementtypically, unless you've got a prenup saying
otherwise. Now, the judge will aim for equitabledistribution, but it's not always
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simple. The house,
it's often the biggest piece of this puzzle andwho gets what.
So, what are your options?
All right. If you're- you're facing divorce,you're separated maybe, and you're trying to start
planning
through, you know, if this plays out all the way,what- what's gonna happen with all of our assets
and how are
we splitting things up, uh, one option is one ofyou keeps the home,
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right? Maybe you buy out your ex with cash orrefinance to cover their share of the marital
home equity.
Uh, it works if you've got the money and you, uh,
you know, and one person wants to stay. All right.
Two, you sell it
the old way. You list it with the realtor and, uh,you know, you- you fix it up.
You- you have people come through, walk throughand make offers on it and, uh,
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you know, sell it and close it and split theprofits.
Now, that option is gonna take time though.
Right now in San Antonio, 74 days on markettypically, uh, on average, and
you've got to agree to everything, you know, asfar as what the seller wants done or the...
I'm sorry, the buyer. If a buyer comes through andthey want certain things done or fix stuff after
the
inspection, all that kind of stuff, you gotta- yougotta work through that and- and, uh, you know,
possibly
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even have the funds to have to make those repairs.
All right. Three, you hold onto it withco-ownership agreement.
Can be... You know, it's kind of rare because itcould be messy and usually ends up being a
headache,
especially if you guys are not getting along, uh,that's- that's (laughs) probably not gonna be a
good
option. Okay? Now four,
and this is where Danny Buys Houses and other cashhome buyers come in, you sell fast to a
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cash home buyer like us. And- and why- why choosewhat's behind door number four,
right? It's- it's because of speed and fairness,right?
Divorce can drag on enough without waiting monthsto sell your house.
Now we buy your house as is, no repairs needed, nostaging, uh, no having
to schedule a bunch of showings for people all thetime and having to be out of the house because
people are
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coming to look at it. You skip the fights over whofixes the, you know, leaking
faucet and- and mows lawn and- and maintains thehome.
Uh, we can close as fast as, you know, a week orso, five days,
uh, you know, or when you guys want. So, if it'ssomething like two or three weeks, you know, it's
whatever
works for you really. Uh, you can both get somecash to split and move on.
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So, here's how it works. You and your ex agree tosell, right? That's the first step.
Sometimes a real estate, uh, mediator can help ifyou can get some mediation involved,
uh, if you guys are not on the same page.
And- and sometimes it's even, you know, helpful togo ahead and get a cash offer
to show your,
uh, soon-to-be ex-spouse,
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uh, you know, to see this is what we can getquickly without hassle. It...
You know, it's more of a concrete thing instead ofjust a, you know, idea or, uh, you
know-
you know, a hopeful thing that- that you're justtalking about.
You know, if you have a concrete written offer,you know, 'cause we don't charge anything for our
offers. There's no fees, there's no obligation toaccept the offer.
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And, uh, you know, we do that for free. You canjust get an offer from us.
So, the process is one of you calls- calls us oryou fill out the form on,
uh, dannybuyshouses.com. You know, that's ourwebsite, dannybuyshouses.com.
There's a fast cash offer form in there. It onlytakes two minutes to fill out.
And, uh, closing happens,
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uh... Well, we visit the house, right?
We look at what the value is, uh, once it's fixedup, if it does need repairs, and we make you a
fair
cash offer,
right? So, if you guys agree to that, we can- wecan sign a purchase, uh, agreement and that'll
go to a title company, a local title company.
We use Old Republic Title
and they do all the paperwork, make sureeverything's in order properly and,
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uh, and schedule that closing, right? And when theclosing happens, we sign, you sign.
You get a check, you guys are done. You each get acheck, right, if you want it split at closing.
All right. So,
uh, let's talk about an example. So...
And- and these are not real names because, youknow, I don't want to, you know, have any- any-
anything
identifying anybody, but Mark and- and Jen,
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uh, is what we'll call them,
you know, divorce was final, but the house off ofBlanco,
uh, was- was kind of a-
a battleground. It needed a new roof, it needed...Uh, neither wanted to pay for it.
They called us, we offered cash and closed in 10days, right? That's pretty quick.
They split the money, signed the papers, walkedaway. Uh, they were finally done with it.
No realtor's fees, no arguments more importantly,and just a clean break, right?
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Uh, just moving on, getting on with their lives.
Um, and that's what we do. We help... We make adivorce property division,
uh, simple, right? Less of a hassle. You guys haveenough going on with- with the- with the
separation and divorce. So,
now this- this makes at least one of those alittle bit easier.
So, let's hit some listener questions that we'vereceived.
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Um,
some people have sent these in and I want to getto some of them. So, here we go.
First one is, "Uh, my ex won't agree to sell.
What now?" This is from Laura in San Antonio.Laura, a tricky spot. You know, I don't deny that.
If the court's involved, they might order thesale.
So, talk to your, uh, attorney or lawyer aboutthat.
If not, mediation can push it through,
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uh, a lot of times, and we bought housesmid-divorce with one spouse signing off, uh, after
a
judge's ruling and, uh, you know, we can work withwhat the judge, uh, says can
happen. All right. Next, "Can we... Can we sell ifwe owe more than it's worth?"
That's David in New Braunfels. David, uh, that'stough. (laughs) Uh, y- you...
I mean, it's not gonna happen. You can try a shortsale.
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We talked about that in the foreclosure episode.
I think that was Episode 6 of the Danny BuysHouses podcast, uh, where the lender agrees to
forgive the difference of what you can actuallysell it for versus what was owed.
Um, check out that episode for more detail on thatthough.
All right. Last one here. "How do we split themoney fairly?" This is from Tina in Boerne.
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Hey, Tina. Uh, we pay you a lump sum at closing.
You and your ex, uh, can decide on the split.
Uh, usually 50/50 in Texas, but you know, if yougot a deal, we'll follow it.
Cash, uh, you know, when you get that payment out.Um, and- and you can also...
You know, we say one lump sum, but it's the totalthat's gonna be made on the sale.
So, if- if you guys are separating that, I thinkthat you could probably have, uh,
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you know, that done at closing off... You know,it's called the- the closing settlement statement.
You can look and have each half maybe go off ofthere so that you each are getting that and
not worrying about one person getting into theiraccount and not sharing the rest, you know,
situations
like that. So,
no, that's possible.
All right.
So, are you ready to sell and move on? Here's howyou get started, right?
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You go to dannybuyshouses.com and you do... Youfill out that fast cash offer form. Takes two
minutes.
Tell us about the house. We'll schedule to go outand take a look at it and, uh, and make you a
quick
offer.
And there's no obligation, right? Like I said, ifone person's not on board, you can still get that
offer and- and, you know, it might help to havethat so they can see here's already
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a bonafide offer. We can- we can make this simpleif we want to.
So, there's no pressure. If it's right, great. Ifnot, then no problem.
And, uh, that's how it works. So, I know divorceis a storm, right? I get it.
I've been through it. Uh, the house can feel likean anchor dragging you both down.
And I've been helping San Antonio homeowners since2003, so I've seen how quick,
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uh, a quick cash sale can help people and lift,uh, that weight off their shoulders.
So,
if you'd like to- to find out more or get startedon that, just give us a call or head to the
website
there at dannybuyshouses.com.
Thanks everyone for tuning in and, uh, share thiswith someone navigating divorce.
Uh, they'll thank you for it, I'm sure.
And next episode, we'll cover how to sell a rentalproperty fast with or
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without tenants. So, you don't wanna miss that ifyou're facing a situation.
Uh, I currently am with a tenant right now where Iwish I could sell to somebody instead of deal
with that, but- but that's, uh, a different storyfor a different day.
Uh, this is Danny Johnson from Danny Buys Housessaying take care and let's get you moving forward.
Sell smart. See you next time.