Self Storage Auctions – How Do They Work?

Heard about self storage auctions? Wondering what they are? Self storage facilities seem to be the in thing these days, not just for business owners but also for homeowners. A lot of people find it beneficial to have extra storage spaces outside their offices and homes to place some valuable business and personal things.

Self storage units are usually rented out to those who need extra storage space and they have the option to choose a monthly or yearly terms. There are cases when some tenants fail to pay their rent. So what happens then? The self storage facility has the right not to allow the tenant to get their belongings, as indicated in the lien law. The law allows storage facilities to hold self storage auctions or lien sales and open the storage area of non-paying tenants to interested bidders. The tenants are given until the day of the auction to settle their accounts, failure to do so will mean that they are forfeiting and the facility can proceed with the auction.

So how do these self storage auctions work? There are different ways that a storage facility conducts their auctions. They are as follows:

  • Sealed bid. This works by having the bidders look at the self storage unit that is up for auction. Once everyone has seen the contents, the facility manager will gather all their bids in a sealed envelope. The one with the highest bid wins. The winner will be given 48 hours to pay and get all the contents from the unit. In case the highest bidder fails to comply, the contents will be given to the next highest bidder.
  • Another type of self storage auctions is live auction. However, this is not as popular as the sealed bid. Similar to the typical auction proceedings, the unit that is up for auction is opened to the bidding public for inspection. After which, the auctioneer will start the bidding process. The one with the highest bid wins and will also be given 48 hours to pay up and claim the contents.
  • With blind auctions, the facility manager will only post information about a blind auction to be taking place. Unlike the other two, the unit will not be opened up for the public to view, hence its name. The highest bidder who will be declared the winner will be the only one who can see the contents.

People who take part in these self storage auctions are those who are into the buy and sell business. However, if you are one who just wants to collect things, then these self storage auctions are also for you.

 

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