Storage Unit Auctions - Basics

++ What are storage unit Auctions?

When someone has their items in a self storage unit and they neglect to pay their lease for a specific amount of time, the self storage facility will have the right auction off the valuables in the storage unit to help redeem their lost rental income. This situation can represent an excellent opportunity for the general public to buy the previously stored items at a rock bottom rate. So if you are interested in the self storage auction process, listed below are some things you should know about storage auctions before you attend one.

Typically, storage auctions occur once a month at self storage facilities. Notice of the storage unit auctions is advertised in local or regional newspaper. Another way to find out when an auction is going to occur is to just phone your local self storage facilities and in your area and ask them when they conduct theirs. While you are finding out when the auctions are you will likewise wish to find out the format in which the upcoming auction will be performed in – either Live Auction or Sealed Bid?

++ Storage Auction Bids - Live vs. Sealed

There are various ways that self storage auctions are performed and the procedure is strictly up to the self storage facility that is conducting the auction. Below are the various ways that self storage units are auctioned off:

Sealed Bid: This is probably the most commonly used method (depending on what part of the USA you are located in). In a sealed auction the center manager will open up the storage unit so that its items can see what is inside. Once everyone gets an opportunity to see the contents the manager will accept everybody's bids in a sealed envelope. The highest bidder will be rewarded the contents of the storage unit. Typically the new buyer has 48 hours to remove their newly purchased goods from the storage unit. In case the highest bid falls through, the next highest will be taken.

Live Auction: A live auction of a self storage unit is a lot fun to go to than a sealed bid auction. Just like the sealed bid situation, the storage unit is opened up for viewing, but, the entire sales process is offered off through the use of a professional auctioneer. This situation can create interesting human inter-action, and sometimes reap a significantly higher price for the items being sold.

+++ Additional Things to keep in Mind At a Storage Auction:

• Items inside the storage unit are sold to the highest bidder.
• Bidders are bidding on the whole unit as a whole, not item by product.
• Winning bidders must pay for the storage unit instantly.
• The winning buyer is normally offered 24-48 hours to clear out the storage unit.
• Cars are typically sold "for parts only"— Storage centers do not obtain a the
automobile’s title, so they cannot turn it over to the winning purchaser.
• The storage unit buyer needs to return individual belongings (images, legal files, tax
records, identification, etc.) to the rental office so that it can be returned to the
original lessee.
• Any stored weapons have to be turned over to the local police.

As you have seen on the television shows, storage auctions can be a great means to pick up some products at a terrific cost. However, like in any business, good deals and valuable items are tough to discover. Be sure to do your homework.

#1 Storage Auction Tip - Try to go to self storage facilities that are located in nice areas of town. The rents are typically higher in the more expensive areas, which means the folks storing their items there will probably have nicer things stored in the storage units.

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