When you are looking for a buyer for your annuity or structured settlement, you have to be attentive and sharp. You are trying to get the best price you can for your annuity, so here are some things you will want to avoid doing in order to accomplish that.
You don’t want to take the offer of the highest bidder. Some buyers will make that high offer in order to get you in a contract. Then they will start with the excuses as to why the offer is lower. Once you are in a contract with them and they have a funding source, it will be difficult for you to back out. If you can back out, you are going to be starting the process all over again. You will have wasted time you may not have, especially if you need the money quickly.
Never take the offer of a buyer who says you will have your money in two weeks. They can’t make that promise, which means if they will lie about that what else have they lied about. Also remember the closing time is set by the state laws of the state you live in as well as the state where the insurance company resides. It is possible for the closing to take as long as a couple of months. Plus in most cases papers have to be filed with the court. All transactions take time; have plenty of patience on hand with this type of transaction.
Remember you are not obligated to sell the entire annuity you can sell only a portion. It may be in your best interest to take only part of the annuity rather than the whole thing. You will leave money you can fall back on for another rainy day.
Never allow your emotions control your decisions. If you are desperate and emotional, you may end up with a deal, which will hurt you financially in the end. You will miss important details when you are emotional and desperate. We also have a tendency to really think things through when we are in such a state of mind. Once you have heard the offer, take a day or two to think about it.
Maybe try explaining it to a third party to see if it actually sounds as good as you think it does. If you can take the unsigned contract with you, all the better you will be able to let someone else read the fine print and you will have the opportunity to re-read it several times. You can read over the fine print better than when you are sitting in someone’s office and rushing through it in order to get it done.
Make sure you have thoroughly checked out the company and their reputation. You can call the attorney general, the Better Business Bureau, and even consumer affairs in the area they are in to ask about any pending lawsuits, unpaid disputes, or unresolved complaints. Make sure the company has a strong financial rating.
The last thing you want is a promise of a check you never receive and your annuity in the hands of someone other than yourself. So, don’t sign anything until you are sure you are dealing with a reputable purchaser.
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