Best Price For Judgment Enforcements
Best Price For Judgment Enforcements
Best Price For Judgment Enforcements
I am not an attorney, I am a judgment matchmaker (Judgment Broker). I communicate with at least 55 judgment owners each day.Everyone wants the most cash for their judgment right now. Some wish for the impossible, for example 50% cash up front, or a future-pay recovery charge of 10% to enforce their judgment. In this article, I discuss how to really get the best price for a judgment, as fast as reality allows. There are only 2 ways to sell your judgment - either for a portion of the listed value of the judgment, paid after it is recovered from the debtor, or for much less cash up-front. Either way, after you sell your judgment, you are done with it, you do not need to spend any more time or money attempting to recover it. Now you can then move onto better ways to invest your time and money.A judgment is worth, at most, most of what a debtor can be convinced, persuaded, or forced to pay. If the debtor has nothing the judgment will be worth very little money upfront, and you are better off with a future-pay judgment recovery specialist. Even then, the judgment might be worth nothing, or it could be worth something in the future.I am often asked and told, "I want the most money I can get ASAP, so what is the fastest way to get the most cash?". The reality is that no one will pay you more than your judgment is worth, because nobody can predict with certainty what the debtor might do. When the value is unknown, nobody will take the risk of paying much cash up-front for your judgment.The fastest way to get paid is to sell your judgment very cheaply. To get 1-3 percent of the face value, you can do a web search and find a buyer. Better yet, list your judgment with a judgment broker, and you may get much more money, even more quickly - unless your debtor is old, poor, or bankrupt.The 2nd fastest way of selling a judgment, is to list a judgment with a judgment broker for free. This often gets you (sometimes much) more money, because a judgment broker will shop your judgment (for free) to find you the right buyer. Even if you do not benefit from using a judgment broker, you might be able to list your judgment somewhere else on the web.The 3rd, and slowest method of selling your judgment is to shop it. This does not help you to get paid more, or be paid quicker. Before the judgment broker entity, shopping was a good way to sell your judgment for the most cash. To shop, you send your judgment (and debtor information) to many potential judgment buyers, and take time talking and trading emails with every one. After a few weeks of interviewing, you find out which buyer's purchase offer seems the best. Then you can compare any offers, and perhaps recheck with those that previously made an offer, to find out if they will match your best found price. If it does not work out, start again. Rinse, Lather, Repeat. The web gives us the way to spend countless hours shopping. Shopping your judgment wastes a lot of time for everyone, and does not get you paid faster. Even now, too many people waste time shopping. A judgment broker, for free, goes shopping for you. Instead of wasting time, you send the information just once, and let the broker work to find you the buyer offering the best price, or the right enforcer for the best possibility of recovering some of your judgment cash.Judgments are not fungible, and they can be compared to used cars. Most used cars depreciate quickly in value, and are sold for a tiny fraction of their original sticker price. Some types of cars can become collector models, that if well-maintained, can be sold for close-to, and sometimes more than their original sticker price. In some ways, judgments are purchased and sold like used cars.The way judgments are sold for the highest price, is similar to how used cars would be sold, if they were sold on the web. The web is now the most popular way to advertise something. As with cars, with judgments, its location, location, location. Most people would not purchase a car 3,000 miles away. Also, the condition of the car matters a lot. With judgments, the debtor's situation matters a lot.Let's say you have a 2005 Santa Clara County, California brand judgment, one owner, sticker price was 20K, debtor is now in Allegheny County, PA. No maintenance was done (the judgment was never domesticated to PA, nothing is currently known about debtor). Asking price: $10K. There is very little chance of getting 10K cash up-front. Your only chance of getting even 6K is if the judgment is in "cherry condition", and you advertise it to a large group of pre-qualified buyers who are specifically looking for PA judgments.What if your judgment is "cherried-out"? What if your judgment was well maintained (renewed, domesticated, debtor well known, debtor has a lot of assets, proof of service is good, and the debtor is young)? Ideal conditions are rare, and if your California sticker price 20K judgment was renewed in 2011, already domesticated to PA, and (only if enforced in full) a theoretical sticker price could be about $32,000. You can sometimes sell an ideal judgment for cash up-front. Even under the best conditions, no one pays sticker price for a judgment because a judgment is not cash. If your debtor is wealthy, and has lots of assets showing, for example, owns four houses outright and has a great job, you might get $3K to $9K for that 32K theoretical sticker price. High prices are for ideal conditions - usually cash up-front judgment sales are for small prices. How much money you can get for selling a judgment for cash up-front, depends on your judgment situation, and how many qualified people see that the judgment is available for purchase.Time, and money are related. If you can wait, you might get $12-$24K for the judgment in this example, on a future-pay basis. If the debtor is rich, you might get it quickly. When the debtor is rich, cash up front and future-payment are not very different, either way, you get paid quick.Shopping your judgment is old school and obsolete. Let a judgment broker who knows many buyers, enforcers, and lawyers, do the shopping for you, for free, to find the right buyer, to get you the most cash for your judgment.
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