Your decision of selling a structured settlement is no doubt accompanied by a lot of anxiety and doubt about the procedure and the sale. Though the decision sounds to be an interesting one, it can be a profitable one indeed if a few things are taken care of first.
What to Calculate In Prior
One of the major things to analyze beforehand is about the money that’s come in the past and money that’s left to come in the future. You face a need to sell your structured settlement when you need the money in a lump sum and at one go. Any buyer who is ready to take your settlement would be well aware of your desperation and thenceforth offer you to pay at a very discounted rate. To avoid such a situation, prepare or set a price beforehand below which any offer shall not be accepted by you. Remember to not show your vulnerability to the buyer at any cost such weaknesses could be played upon by the buyer. So choose your buyer carefully.
Spotting Authenticity
Do not jump with excitement at the first sight of a buyer who offers a seemingly good price. An authentic buyer is characterized by a few qualities-
- A careful, valid buyer will cross check if the structured settlement you are selling is genuine and is not sold to anyone else.
- A buyer who sends his attorney to check and approve your settlement, if possible with the judge that approved it in the first place is to be placed in your good books.
- An honest authentic buying procedure will take around 2 to 3 months to finalize the legal papers and make the payment.
These are a few things which should not be compromised with while selling a structured settlement. Adhering to these qualities can save you from being duped or cheated.
Check and Re-check
It is your money that you are selling, so check not once but as many times as you feel the need to make sure that you are on the right path and won’t get cheated. When you are selling a structured settlement to companies, no doubt you will get a great price for your sale, but be sure to check that the company or the buyer is at a close radius to your location. The companies might find it difficult to carry the transaction easily through court the procedures.
Selling a structured settlement can be a great idea if you are in immediate need of money. But be double careful as there are plenty of people out there who are ready to take advantage of your vulnerability and put you into unnecessary troubles.