Top Mistakes to Avoid
- Not Comparing Offers: Accepting the first offer can cost you thousands. Always get multiple quotes from reputable buyers.
- Misunderstanding the Terms: Make sure you understand the lump sum, discount rate, fees, and what you're giving up. Ask questions if anything is unclear.
- Selling More Than Necessary: Only sell the payments you truly need to. Keeping some future payments can protect your long-term financial security.
- Not Preparing for Court Approval: Missing documents or unclear explanations can delay or derail your sale. Be ready for the hearing.
- Ignoring State Laws: Each state has unique requirements. Review your state's rules in our State Laws Guide.
- Skipping Professional Advice: Consulting a financial advisor or attorney can help you avoid costly mistakes and get the best deal.
Frequently Asked Questions
Not comparing offers, misunderstanding the terms, selling more than necessary, and not preparing for court approval are the most common mistakes.
Get multiple quotes, read all documents carefully, consult an advisor, and only sell what you truly need.
An advisor can help you understand the process, avoid pitfalls, and ensure you get the best deal for your situation.