Storage units are sold off in various cities throughout the country when the owner of unit has failed to pay their storage fees for an extended period of time. Storage auctions can be an extremely lucrative way to find hidden treasures, antiques and collectibles at bargain basement prices. Here is a step by step guide on understanding how storage auctions work.
Ownership Of The Contents
Since the storage unit are selling off the items of delinquent customers, a lien has been placed on the items and the customers are alerted to pay their bill. When the customer fails to respond and pay the bill, the items can be legally sold off with any legal ramifications to the buyer. The items are always sold as is, and there are no returns on the contents of the unit. Be careful when bidding that you know exactly what you bidding on to get the best return on investment.
Viewing The Unit & Bidding
When storage units go to auction, they typically show the unit to everyone at the same time, by cutting off the lock and allowing them a few minutes to view the contents from outside the unit. Potential bidders are not allowed to go inside the unit or to touch the contents to ensure that everyone is on equal ground during the bidding process. When the auction starts a simply raise you hand or signal the auctioneer to make a bid at the asking price. The auctioneer will typically announce the final bid and count to three before closing the sale and moving on to the next storage locker.
Payment is due directly after the auction is completed and most auctions only take cash as a form of payment. When the auctions are completed, you will proceed to a cashier to pay the full amount plus any applicable sales taxes and sign a release form to turn over ownership. You typically have a few days after payment to fully remove the contents of the unit and clear it out so that it can be rented out to a new customer.
Buying items at a storage unit auction can be a lot of fun and very profitable if you know exactly what to look for, as they can house antiques and collectibles. If you have any questions about when the next auction in your area is call a local storage provider, like Northgate Mini Storage, to get a complete schedule.