There are numerous people in the United States that have structured settlement payments. These annuities are generally a result of personal injury payouts or payment of insurance coverage. Not always would structured settlements payments be desirable but in most cases it becomes the only option at the time. While at the time of settlement an individual may be better off agreeing to such terms, as time progresses one may wish to sell. Luckily, there is always a way to find a buyer of annuity-structured settlements, which can result in a large payday for the seller.
While finding a buyer is not a cakewalk, it is not an impossible task either. Ultimately it just takes time. What you need is the right buyer that will make the sale worthwhile for your needs. When looking to sell a structured settlement it’s important to not be overly eager. Taking some time to do research is critical prior to aligning with a buyer to sell. Some key areas to lookout for include:
- Making sure all considered offers are in compliance with state and federal law
- Selecting a buyer that will provide you with the most cash possible
- Realizing every situation is different
Since there are a number of buyers in the marketplace who are all vying for your business, it is imperative that the seller realizes that he/she is the one with the most power in the process. Ultimately the seller should only pull the trigger to sell after doing some comprehensive research.
Finding the Right Buyer
Searching for a reputable buyer is no easy task and no small feat. After all, it is your money that you are dealing with here, so you want to make sure that you do not leave any money on the table. A legit buyer of structured settlement annuity payments will require or encourage one to seek legal advice before signing over any structured settlement distributions. Ultimately an attorney needs to review the agreement since clients are dealing with large sums of money. As previously mentioned in the bullet points above, the seller of the settlement should do thorough research before making a decision. In addition to doing research online, it is recommended that an individual obtain at least one personal reference from a former client of the buyer. Oftentimes, prospective buyers are willing to provide references to the prospective client.
Completing the Sale
Once one has selected the structured settlement buyer that he/she would like to sell to, the first step towards completing a transaction is to send one’s paperwork outlining the proper annuity information so the buyer can evaluate it. When the time comes to retrieve the lump sum, it can be directly wired to the seller’s bank account or a certified check can be issued. Additionally, if other arrangements are needed, the buyer should be able to accommodate. As previously mentioned, the lump sum will be less than what would have originally been owed to the seller had the individual not decided to sell.