Selling a judgment to a buyer can be a practical solution for individuals or businesses looking to quickly convert their legal claims into cash. However, the time it takes to complete this process can vary.
Here’s what to expect when it comes to the timeline and key factors that influence the duration when you decide to sell your judgment.
Initial Inquiry and Document Review
The first step in selling your judgment is to contact a judgment buyer. You’ll need to provide details about the judgment, such as the amount owed and the debtor’s information.
The buyer will evaluate the details of your judgment to determine its value and collectability. They will also review any necessary documents to verify the validity of the judgment.
Negotiation and Offer
After reviewing the documents, the buyer may offer a price to buy the judgment. Buyers such as Mayflower Judgments respond quickly with a quote. You can receive an offer within a few days. If you have all the necessary documents prepared, you may be ready to sell your judgment in as little as a week.
Transfer of Judgment
When you sell your judgment, you need to wait for the transfer to be completed before you get the payment. This can be done via wire transfer or check. The time it takes to receive the payment depends on the agreed method.
In the end, the timeline for selling a judgment varies. However, from the initial inquiry to receiving payment, the average duration is about one to three weeks.
