What to Know about Selling Your Lottery Payments
When most people imagine winning the lottery, it’s all about telling the boss to take a hike and buying a tropical island out in the Pacific Ocean. Sadly, that’s not really what happens for most lottery winners. If you’ve won the lottery and are getting annuity payments, you know that to be true, and you know something more. You know that sometimes those payments aren’t enough to really make a big difference in your life. They might not even be enough to let you quit your job. They’re certainly not enough to make buying your own private island a possibility. Selling your lottery payments can offer some significant advantages, including giving you a large lump sum of money. However, you should know a few things first.
Sacrifices You’ll Make
Nothing good comes without sacrifice. That’s true for selling your lottery payments as well. The sacrifice you’ll make here is a percentage of your winnings. Here’s how it works. The buyer offers you a specific amount of money for your lottery annuity payments. That amount is lower than what you would receive if you stuck with the payments, but you get all the money upfront, rather than having to wait for it. The difference between the total winnings and your lump sum is the company’s profit, and that’s what makes it worth it to buy lottery winnings in the first place. However, be aware that some companies will try to lowball you here – giving you only a small percentage of your total winnings. Working with a seller services company will ensure that you get as much of your money as possible.
You’ll find that selling lottery payments is a lot like selling a structured settlement. Both require going through a specific legal process before the sale can be finalized. That process can be complicated and confusing for those who haven’t done it before. It’s wise to have a guide here – a seller services company will walk you through the process, work as your advocate throughout and ensure that your best interests are protected. Of course, there’s more to it.
A seller services company does a lot more than that. The company will vet buyers and certify those that are actually worth working with. They’ll act as a go-between for you, and ensure that all the paperwork you need arrives not only on time, but accompanied by a notary public to answer questions and guide you through the process. It’s a win-win situation that lets you get your money as soon as possible, without sacrificing it.
Of course, you’ll find several different seller services companies out there, and they’re far from being the same. You need to ensure that the company you choose to work with has been around for a long time, and has a significant number of satisfied past clients. Pay attention to client feedback, as this is one of the best ways to determine if a company is right for you.