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Self Storage Auctions, How Do They Work And Will It Work For You?

Heard about self storage auctions? Are you curious about self storage auctions? Self-storage units are a hot topic these days brilliant storage. They’re not only for business owners anymore, but for homeowners as well. It is beneficial to many people to have an extra space for storage outside of their home or office to keep valuable items.

Self-storage units may be rented monthly or annually to those in need of extra storage. Rent can be unpaid in some cases. What happens when this happens? In accordance with the lien legislation, the self storage facility may refuse to allow the tenant access to their belongings. The law allows self-storage facilities to host lien sales, auctions of storage units or open storage spaces to bidders. The tenants have until the date of the auction in order to settle their account. Failure to pay will mean they forfeit and the storage facility can continue with the bidding. So, how do self storage auctions operate? There are several ways in which a storage facility will conduct its auctions. Here are some of them:

* Sealed bid This method works by letting the bidders view the self storage unit being auctioned. Once all bidders have seen the contents of the unit, the facility managers will collect their bids and place them in a sealed bag. The bidder who makes the highest offer wins. The winner is given 48 hours in which to pay the full amount and obtain all the contents. In the event that the highest bidder doesn’t comply, all contents are given to the second highest bidder.

* Live auctions are also a type of self storage auction. The sealed bid is more popular. Similarly to the usual auction procedure, the unit is open to the public to inspect. After the inspection, the auctioneer begins the bidding. The bidder with the highest amount wins. He will have 48 hours in which to pay the balance and collect the items.

* For blind auctions, a facility manager posts only the information that an auction will be held. The name comes from the fact that unlike the two other types, the unit will be closed to the public. Only the bidder declared as the winner can see the contents.

These mini-storage auctions are geared towards people in the buying and selling business. If you want to just collect things then self storage auctions will be perfect for you.