So, now that you know you have to find a property bail bondman first, how do you get the best price? As previously mentioned, we look at discounting as profit vs. risk as a property bail bondman. The way I can get a discount on my rate is to take the risk away. And how are you doing that? When calculating risk, the most important thing for a property bail bondman is the co-signer. A bail bond is a three-party agreement on the bond with the bail bondman, the defendant, and the co-signer (an individual who agrees to be held civilly responsible for the full amount of the bail should the defendant fail to appear at all their court dates) all being parties to the contract. Simply put, find the right co-signer and in the 8 percent-4 percent range, you can start looking for prices. The greater the bail bond, the better the co-signer, the lower the price, the bottom line.Learn more about us at bail bonds in Martinsville
Well, what is a good co-signer, then? Well, a bail bond is a loan essentially for the face amount of the bond. So you have to know that these are risky loans and the bail bondman wants a co-signer who they know they can 1-Easily locate (Lifelong local resident, has financial or family obligations that would make it difficult to relocate like school age children and a mortgage) 2-If there is a forfeiture, the full face amount could be paid back in a reasonable amount of time (has a high income and or extremely stable job, a government employee with a long work record)
What the bail bondsman wants is that warm fuzzy feeling that they can recover their loss in a short period of time even if the defendant runs out of the country. The warmer and fuzzier you feel, obviously, the more likely you are to be willing to take less profit, even though the liability of the bondman will remain the same. The advantage of payment plans and time is not available to us. We have to pay 100 per cent immediately or be shut down by the Department of Criminal Justice Services when the Stafford County Virginia court system says pay.