Newspapers publish information about storage unit auctions in their legal notice postings. Alternatively, an individual can visit a storage company website or call storage company officials directly for information about upcoming auctions. Additionally, potential buyers can search websites that specialize in unit auctions.
Storage unit auctions involve selling the items in a storage unit to the highest bidder as a result of the owner's failure to pay storage charges. At an auction, the company first explains the auction rules to the interested bidders before allowing the bidders to view the unit contents. Then, the auction advances to the bidding session, and in most cases, potential buyers place their bids publicly in a live setting.
After the bidding session ends, the auctioneer calls on the bidder who offered to pay the highest amount for the unit to pay in cash or by using any other type of payment as agreed on, including sales tax if needed. The winner acquires ownership of the property after the payment. The storage company takes the proceeds as the storage fee owed to it by the defaulter and allows the winner to ship the unit from the store within a specified period of time. If the winner fails to pay for the item within the stipulated time frame, he may lose the bid.