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5 MISTAKES People Make When Selling Structured Settlements
Mistake
One: Agreeing to sell to the highest bidder.
Unfortunately,
some brokers or structured settlement/annuity sources will make a high
offer just to get someone under contract. Then they will start making
excuses and reduce the offer. Once you are under contract with a
funding source, it is very difficult to back out. Even if you are able
to pull out, you will have to start the whole process over again losing
valuable time.
Mistake Two: Believing the funding source when
they say they can close very quickly.
The time to close is
mostly dictated by individual state laws, both the state the insurance
company has their home office and the state where the client resides.
In some states, it is possible to close in about a month. In other
states, it can take as long as four months. With the rest, it is
somewhere in between. Don't believe it if someone says they can close
in a week or two.
Mistake Three: Not determining how much you
really need and thinking you must sell the entire remainder of the
structured settlement or annuity.
Why sell a $200,000
settlement when you only need $30,000? If you need additional cash
sometime in the future you will be able to sell more payments or lump
sums at that time. By doing it this way, you will receive more cash
over time than if you sell all payments at once; and it allows you
options.
Mistake Four: Letting emotions or being desperate
control our decisions.
We have all gotten excited or felt
desperate when faced with various situations. We could be excited about
buying a home or starting a new career; or we could be feeling
desperate because we are about to lose our home or are facing high
medical expenses. Even though we are excited or desperate, we really
must think through our decision. Some brokers or funding sources will
try to take advantage of us and our situation. We should discuss our
situation with a trusted family member, friend, attorney, pastor or
whomever. We do not want to ruin tomorrow's financial options by making
irrational decisions today.
Mistake Five: Not doing your due
diligence on the structured settlement/annuity purchaser.
Call
the attorney general in your residence state and the state where your
funding source is located to see if there are any complaints about that
funding source. If there are a lot of complaints against the source you
are considering, take that as a red flag and move onto the next source.
Your due diligence should be completed before agreeing to anything or
signing any agreements.
About The Author:
For best
results you need a professional on your side. With over a decade of
experience, Louise Pointer can help you avoid the mistakes in this
article as well as a few more. Click ->
http://www.NationalFundingResources.com
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