1. Browse or Search for Judgments
You can search and browse judgments that have been listed (“Listings”) based on many different parameters. You can search for judgments by State, by cheapest judgments, by largest judgments, or “best deal”. “Best deal” ranks judgments based on asking price as a percentage of the judgment’s amount. The Listing with the lowest percentage asking price is listed at the top with steadily increasing percentages below.
2. Send a Letter of Interest
The objective of the Letter of Interest (“LOI”) is to establish dialogue between Buyer and Seller. It is NOT a commitment by a Buyer to make an offer. Communications between Sellers and potential Buyers are very limited before a LOI is issued. After the LOI is issued by the Buyer, they are free to communicate and upload documents.
The LOI helps to protect Buyers while enabling the Seller to obtain the highest price possible for his/her Listing.
First, as negotiations between parties begin, we remind both sides as to what their respective responsibilities are and will be. For example: DO NOT SHARE CONTACT INFORMATION WITH THE OTHER PARTY! Secondly, a lot of information exchanged or researched by the Buyer may relate to private information about the Judgment Debtor. Unless the Buyer has a legitimate business interest, accessing those records creates legal risks for everybody. To help circumvent the problem, we require potential Buyers to issue the LOI and thereby establish their legitimate business interest. Thirdly, the LOI is designed to lock down the Listing so that no changes arise during the time the parties are negotiating. Sellers are prohibited from changing any information during the LOI phase.
Finally, the LOI benefits the Seller too. Sellers may maintain an open LOI dialogue with as many Buyers as they like on any particular Listing. When the Seller receives a LOI, a notice goes out to all other potential Buyers who have an open LOI dialogue on that Listing. That notice informs all prior Buyers that the Seller has a new potential Buyer who has entered the LOI phase with the Seller and creates urgency for the all of the Buyers to act quickly and/or increase their offers so that they do not lose the Listing to another Buyer.
3. Buy Now or Make Offer
Buyers have the option of purchasing a judgment at the price offered by the Seller. This expedites the process by saving the parties the time for negotiation. If the Seller accepts escrow.com as a form of payment, Buyers can create an account through escrow.com and make the payment to them. The benefit of escrow.com is that they are an independent third party who will hold the money in escrow until the Seller delivers proof that a proper assignment of the judgment from Seller to Buyer has been entered with the Clerk of the Court.
Alternatively, Buyers can pay via check or money order. While this saves the Buyer the minimal time of registering with escrow.com, it leaves the Buyer depending on the Seller to enter the assignment of the judgment with the Court.
Many Buyers will want to negotiate with the Seller rather than paying the full “Buy Now” price. During the LOI phase, in addition to questioning the Seller about the particulars relating to the judgment itself, Buyers may issue offers or counteroffers, or accept counteroffers made by the Seller. Once one party makes an offer that is accepted by the second party, negotiations are complete.
4. Make Payment
A Buyer who agrees to “Buy Now” or comes to an agreement on a lower price with a Seller must make payment promptly. If the Seller has agreed to accept escrow.com as a method of payment, the Buyer makes a payment to escrow.com to hold in escrow. Escrow.com accepts checks, money orders and wire transfers.
If the Seller refused to accept escrow.com, payment can be forwarded directly to the Seller via personal check, money order or wire transfer (depending on your agreement).
5. Receive an Assignment of Judgment
Assignment of Judgment is the transfer of the title and interest in a judgment from one person/business to another person/business. After paying for a judgment the seller will send you a signed, notarized and court stamped Assignment of Judgment. An Assignment of Judgment is not valid unless it was filed (stamped) with the respective court clerk.
You may ask the seller to upload this document to Judgment Marketplace and/or sends it you by email/fax/mail. We recommend requesting an original Assignment of Judgment from the seller by mail.
6. Leave Feedback for Seller
After an Assignment of Judgment has been received, you will have an opportunity to leave a feedback about the Seller. This enables other members of Judgment Marketplace to know how trustworthy the Seller is, and will encourage or discourage others from wanting to deal with that individual in the future.