1 00:00:00,099 --> 00:00:06,079 (upbeat music) 2 00:00:07,279 --> 00:00:10,779 Everyone, welcome to the Danny Buys Houses podcast. 3 00:00:10,800 --> 00:00:15,420 I'm your host, Danny Johnson, real estate investor and founder of Danny Buys Houses in San 4 00:00:15,439 --> 00:00:16,379 Antonio, Texas. 5 00:00:17,279 --> 00:00:21,579 Now, if you're going through a divorce or thinking about it and wondering what to do with the house, this 6 00:00:21,600 --> 00:00:26,579 episode is for you. Today, we're tackling how to sell your home fast and fairly during 7 00:00:26,599 --> 00:00:30,459 a divorce here in San Antonio or any surrounding areas in South Texas. 8 00:00:30,959 --> 00:00:35,319 I'll walk you through the options, how a cash sale can help, and answer some listener questions 9 00:00:35,840 --> 00:00:38,859 along the way. So, let's get right into it. 10 00:00:39,599 --> 00:00:43,659 All right. Divorce is tough, right? I've seen it up close helping 11 00:00:44,520 --> 00:00:49,440 people sell houses for over 20 years, and I've been through it myself and do not wish it upon anybody. 12 00:00:50,000 --> 00:00:54,840 Uh, in Texas, we're a community property state, uh, which means that anything you and 13 00:00:54,899 --> 00:00:57,299 your spouse bought together, like the family home, 14 00:00:58,000 --> 00:01:02,999 gets split 50/50 in a divorce settlement typically, unless you've got a prenup saying 15 00:01:02,999 --> 00:01:07,719 otherwise. Now, the judge will aim for equitable distribution, but it's not always 16 00:01:07,739 --> 00:01:09,239 simple. The house, 17 00:01:09,879 --> 00:01:13,379 it's often the biggest piece of this puzzle and who gets what. 18 00:01:13,379 --> 00:01:14,979 So, what are your options? 19 00:01:15,959 --> 00:01:20,319 All right. If you're- you're facing divorce, you're separated maybe, and you're trying to start planning 20 00:01:20,339 --> 00:01:25,019 through, you know, if this plays out all the way, what- what's gonna happen with all of our assets and how are 21 00:01:25,039 --> 00:01:29,839 we splitting things up, uh, one option is one of you keeps the home, 22 00:01:30,099 --> 00:01:34,899 right? Maybe you buy out your ex with cash or refinance to cover their share of the marital 23 00:01:34,939 --> 00:01:35,719 home equity. 24 00:01:36,339 --> 00:01:38,639 Uh, it works if you've got the money and you, uh, 25 00:01:39,339 --> 00:01:41,699 you know, and one person wants to stay. All right. 26 00:01:41,799 --> 00:01:43,099 Two, you sell it 27 00:01:43,719 --> 00:01:48,439 the old way. You list it with the realtor and, uh, you know, you- you fix it up. 28 00:01:48,499 --> 00:01:52,159 You- you have people come through, walk through and make offers on it and, uh, 29 00:01:52,779 --> 00:01:55,719 you know, sell it and close it and split the profits. 30 00:01:55,799 --> 00:01:57,999 Now, that option is gonna take time though. 31 00:01:57,999 --> 00:02:02,779 Right now in San Antonio, 74 days on market typically, uh, on average, and 32 00:02:02,919 --> 00:02:06,799 you've got to agree to everything, you know, as far as what the seller wants done or the... 33 00:02:06,819 --> 00:02:10,539 I'm sorry, the buyer. If a buyer comes through and they want certain things done or fix stuff after the 34 00:02:10,559 --> 00:02:15,239 inspection, all that kind of stuff, you gotta- you gotta work through that and- and, uh, you know, possibly 35 00:02:15,239 --> 00:02:17,319 even have the funds to have to make those repairs. 36 00:02:17,919 --> 00:02:20,859 All right. Three, you hold onto it with co-ownership agreement. 37 00:02:21,659 --> 00:02:25,879 Can be... You know, it's kind of rare because it could be messy and usually ends up being a headache, 38 00:02:25,879 --> 00:02:30,679 especially if you guys are not getting along, uh, that's- that's (laughs) probably not gonna be a good 39 00:02:30,699 --> 00:02:32,979 option. Okay? Now four, 40 00:02:33,879 --> 00:02:38,839 and this is where Danny Buys Houses and other cash home buyers come in, you sell fast to a 41 00:02:38,859 --> 00:02:43,779 cash home buyer like us. And- and why- why choose what's behind door number four, 42 00:02:43,819 --> 00:02:46,919 right? It's- it's because of speed and fairness, right? 43 00:02:46,939 --> 00:02:51,079 Divorce can drag on enough without waiting months to sell your house. 44 00:02:51,499 --> 00:02:56,439 Now we buy your house as is, no repairs needed, no staging, uh, no having 45 00:02:56,439 --> 00:03:00,339 to schedule a bunch of showings for people all the time and having to be out of the house because people are 46 00:03:00,379 --> 00:03:04,919 coming to look at it. You skip the fights over who fixes the, you know, leaking 47 00:03:04,979 --> 00:03:08,099 faucet and- and mows lawn and- and maintains the home. 48 00:03:08,699 --> 00:03:12,479 Uh, we can close as fast as, you know, a week or so, five days, 49 00:03:13,099 --> 00:03:17,779 uh, you know, or when you guys want. So, if it's something like two or three weeks, you know, it's whatever 50 00:03:17,799 --> 00:03:21,559 works for you really. Uh, you can both get some cash to split and move on. 51 00:03:22,439 --> 00:03:26,879 So, here's how it works. You and your ex agree to sell, right? That's the first step. 52 00:03:27,299 --> 00:03:31,699 Sometimes a real estate, uh, mediator can help if you can get some mediation involved, 53 00:03:32,159 --> 00:03:33,999 uh, if you guys are not on the same page. 54 00:03:34,479 --> 00:03:39,199 And- and sometimes it's even, you know, helpful to go ahead and get a cash offer 55 00:03:39,359 --> 00:03:40,559 to show your, 56 00:03:41,199 --> 00:03:42,659 uh, soon-to-be ex-spouse, 57 00:03:43,839 --> 00:03:47,939 uh, you know, to see this is what we can get quickly without hassle. It... 58 00:03:47,939 --> 00:03:52,759 You know, it's more of a concrete thing instead of just a, you know, idea or, uh, you 59 00:03:52,779 --> 00:03:52,979 know- 60 00:03:53,599 --> 00:03:56,139 you know, a hopeful thing that- that you're just talking about. 61 00:03:56,139 --> 00:04:00,719 You know, if you have a concrete written offer, you know, 'cause we don't charge anything for our 62 00:04:00,759 --> 00:04:03,979 offers. There's no fees, there's no obligation to accept the offer. 63 00:04:04,339 --> 00:04:07,539 And, uh, you know, we do that for free. You can just get an offer from us. 64 00:04:08,259 --> 00:04:13,159 So, the process is one of you calls- calls us or you fill out the form on, 65 00:04:13,159 --> 00:04:17,799 uh, dannybuyshouses.com. You know, that's our website, dannybuyshouses.com. 66 00:04:18,099 --> 00:04:21,599 There's a fast cash offer form in there. It only takes two minutes to fill out. 67 00:04:22,359 --> 00:04:24,359 And, uh, closing happens, 68 00:04:25,079 --> 00:04:26,639 uh... Well, we visit the house, right? 69 00:04:26,639 --> 00:04:31,519 We look at what the value is, uh, once it's fixed up, if it does need repairs, and we make you a fair 70 00:04:31,539 --> 00:04:32,219 cash offer, 71 00:04:32,919 --> 00:04:37,899 right? So, if you guys agree to that, we can- we can sign a purchase, uh, agreement and that'll 72 00:04:37,899 --> 00:04:39,879 go to a title company, a local title company. 73 00:04:40,299 --> 00:04:41,559 We use Old Republic Title 74 00:04:42,339 --> 00:04:47,219 and they do all the paperwork, make sure everything's in order properly and, 75 00:04:47,219 --> 00:04:50,999 uh, and schedule that closing, right? And when the closing happens, we sign, you sign. 76 00:04:51,279 --> 00:04:55,399 You get a check, you guys are done. You each get a check, right, if you want it split at closing. 77 00:04:56,919 --> 00:04:57,679 All right. So, 78 00:04:58,699 --> 00:05:01,279 uh, let's talk about an example. So... 79 00:05:01,419 --> 00:05:06,319 And- and these are not real names because, you know, I don't want to, you know, have any- any- anything 80 00:05:06,359 --> 00:05:09,539 identifying anybody, but Mark and- and Jen, 81 00:05:10,499 --> 00:05:11,699 uh, is what we'll call them, 82 00:05:12,679 --> 00:05:15,079 you know, divorce was final, but the house off of Blanco, 83 00:05:15,699 --> 00:05:17,219 uh, was- was kind of a- 84 00:05:17,979 --> 00:05:21,899 a battleground. It needed a new roof, it needed... Uh, neither wanted to pay for it. 85 00:05:21,919 --> 00:05:26,539 They called us, we offered cash and closed in 10 days, right? That's pretty quick. 86 00:05:26,579 --> 00:05:30,199 They split the money, signed the papers, walked away. Uh, they were finally done with it. 87 00:05:30,199 --> 00:05:34,339 No realtor's fees, no arguments more importantly, and just a clean break, right? 88 00:05:34,619 --> 00:05:36,639 Uh, just moving on, getting on with their lives. 89 00:05:37,459 --> 00:05:41,179 Um, and that's what we do. We help... We make a divorce property division, 90 00:05:41,919 --> 00:05:46,439 uh, simple, right? Less of a hassle. You guys have enough going on with- with the- with the 91 00:05:46,479 --> 00:05:47,779 separation and divorce. So, 92 00:05:48,379 --> 00:05:51,619 now this- this makes at least one of those a little bit easier. 93 00:05:52,139 --> 00:05:54,639 So, let's hit some listener questions that we've received. 94 00:05:55,139 --> 00:05:55,499 Um, 95 00:05:56,379 --> 00:05:59,819 some people have sent these in and I want to get to some of them. So, here we go. 96 00:05:59,899 --> 00:06:03,579 First one is, "Uh, my ex won't agree to sell. 97 00:06:03,599 --> 00:06:08,539 What now?" This is from Laura in San Antonio. Laura, a tricky spot. You know, I don't deny that. 98 00:06:08,939 --> 00:06:11,179 If the court's involved, they might order the sale. 99 00:06:11,659 --> 00:06:13,959 So, talk to your, uh, attorney or lawyer about that. 100 00:06:14,419 --> 00:06:16,599 If not, mediation can push it through, 101 00:06:17,279 --> 00:06:22,159 uh, a lot of times, and we bought houses mid-divorce with one spouse signing off, uh, after a 102 00:06:22,199 --> 00:06:26,779 judge's ruling and, uh, you know, we can work with what the judge, uh, says can 103 00:06:26,839 --> 00:06:31,639 happen. All right. Next, "Can we... Can we sell if we owe more than it's worth?" 104 00:06:31,999 --> 00:06:36,859 That's David in New Braunfels. David, uh, that's tough. (laughs) Uh, y- you... 105 00:06:37,039 --> 00:06:40,099 I mean, it's not gonna happen. You can try a short sale. 106 00:06:40,339 --> 00:06:42,319 We talked about that in the foreclosure episode. 107 00:06:42,319 --> 00:06:47,279 I think that was Episode 6 of the Danny Buys Houses podcast, uh, where the lender agrees to 108 00:06:47,319 --> 00:06:51,979 forgive the difference of what you can actually sell it for versus what was owed. 109 00:06:52,519 --> 00:06:55,199 Um, check out that episode for more detail on that though. 110 00:06:56,319 --> 00:07:00,259 All right. Last one here. "How do we split the money fairly?" This is from Tina in Boerne. 111 00:07:00,739 --> 00:07:03,919 Hey, Tina. Uh, we pay you a lump sum at closing. 112 00:07:03,919 --> 00:07:06,519 You and your ex, uh, can decide on the split. 113 00:07:07,139 --> 00:07:11,779 Uh, usually 50/50 in Texas, but you know, if you got a deal, we'll follow it. 114 00:07:12,239 --> 00:07:16,499 Cash, uh, you know, when you get that payment out. Um, and- and you can also... 115 00:07:16,699 --> 00:07:19,699 You know, we say one lump sum, but it's the total that's gonna be made on the sale. 116 00:07:19,739 --> 00:07:23,939 So, if- if you guys are separating that, I think that you could probably have, uh, 117 00:07:24,699 --> 00:07:29,159 you know, that done at closing off... You know, it's called the- the closing settlement statement. 118 00:07:29,159 --> 00:07:34,019 You can look and have each half maybe go off of there so that you each are getting that and 119 00:07:34,039 --> 00:07:38,799 not worrying about one person getting into their account and not sharing the rest, you know, situations 120 00:07:38,859 --> 00:07:39,679 like that. So, 121 00:07:40,839 --> 00:07:41,879 no, that's possible. 122 00:07:42,659 --> 00:07:43,199 All right. 123 00:07:44,059 --> 00:07:47,659 So, are you ready to sell and move on? Here's how you get started, right? 124 00:07:47,659 --> 00:07:52,019 You go to dannybuyshouses.com and you do... You fill out that fast cash offer form. Takes two minutes. 125 00:07:52,639 --> 00:07:57,199 Tell us about the house. We'll schedule to go out and take a look at it and, uh, and make you a quick 126 00:07:57,279 --> 00:07:57,639 offer. 127 00:07:58,299 --> 00:08:03,059 And there's no obligation, right? Like I said, if one person's not on board, you can still get that 128 00:08:03,099 --> 00:08:07,739 offer and- and, you know, it might help to have that so they can see here's already 129 00:08:08,259 --> 00:08:11,179 a bonafide offer. We can- we can make this simple if we want to. 130 00:08:11,939 --> 00:08:15,779 So, there's no pressure. If it's right, great. If not, then no problem. 131 00:08:16,339 --> 00:08:20,979 And, uh, that's how it works. So, I know divorce is a storm, right? I get it. 132 00:08:20,979 --> 00:08:24,899 I've been through it. Uh, the house can feel like an anchor dragging you both down. 133 00:08:25,319 --> 00:08:29,519 And I've been helping San Antonio homeowners since 2003, so I've seen how quick, 134 00:08:30,139 --> 00:08:33,939 uh, a quick cash sale can help people and lift, uh, that weight off their shoulders. 135 00:08:33,939 --> 00:08:34,199 So, 136 00:08:34,879 --> 00:08:39,779 if you'd like to- to find out more or get started on that, just give us a call or head to the website 137 00:08:39,839 --> 00:08:41,419 there at dannybuyshouses.com. 138 00:08:42,359 --> 00:08:46,259 Thanks everyone for tuning in and, uh, share this with someone navigating divorce. 139 00:08:46,799 --> 00:08:48,219 Uh, they'll thank you for it, I'm sure. 140 00:08:48,359 --> 00:08:53,119 And next episode, we'll cover how to sell a rental property fast with or 141 00:08:53,119 --> 00:08:56,959 without tenants. So, you don't wanna miss that if you're facing a situation. 142 00:08:57,379 --> 00:09:02,279 Uh, I currently am with a tenant right now where I wish I could sell to somebody instead of deal 143 00:09:02,279 --> 00:09:04,939 with that, but- but that's, uh, a different story for a different day. 144 00:09:05,419 --> 00:09:10,319 Uh, this is Danny Johnson from Danny Buys Houses saying take care and let's get you moving forward. 145 00:09:10,859 --> 00:09:12,459 Sell smart. See you next time.