Q:

How does a self storage auction work?

A:

Quick Answer

At self storage auctions, the auctioneer explains the rules, provides an opportunity for bidders to review the contents of the units up for bid, requests bids unit by unit and sells the contents to the highest bidder. To avoid forfeiting, bidders must promptly pay for and remove the items purchased.

Continue Reading

Full Answer

Entrance into a unit when inspecting the contents is not allowed, and winning bidders become owners of all property in a unit, accepting all items in their condition at time of sale. Cash is the most commonly required form of payment at self storage auctions, and sales tax is sometimes charged. In addition to cash, experts advise the potential bidder to bring a flashlight, gloves and a padlock to lock the unit prior to the end of the auction and to wear old clothes, as cleaning out a unit is often a messy job

Self storage auctions, which are regulated by state law, are an opportunity for storage companies to recover past due rental fees and the only way they can legally remove the contents of a storage unit. In order to avoid legal issues, companies make several attempts to contact the person renting the unit, prior to auction. If a winning bid is in excess of what the storage unit renter owes the storage company, the company must transfer the excess funds to the renter.

Learn more about Marketing & Sales

Related Questions

Explore