When someone has their items in a self-storage unit and they neglect to pay their rent for a certain amount of time, many times the self-storage facility will have the right to auction off their belongings in a self-storage auction in order to recoup their lost rent money. This can represent a great opportunity for you if you are looking to pick up some items at a rock bottom price. But how exactly do self-storage auctions work?
There are different ways that self-storage auctions are conducted and the process is strictly up to the self-storage facility that is conducting the auction. Here are the different ways that self-storage units are auctioned off:
Shelf Unit Storage
- Sealed Bid: This is the most common way that self-storage auctions are conducted. In a sealed bid auction the facility manager will open up the self-storage unit that is having its contents auctioned off and let people look to see what is inside. Once everyone gets an opportunity to see the contents the manager will accept everyone's bids in a sealed envelope usually accompanied by their name and phone number. The highest bid gets the contents of the self-storage unit and will then typically have 48 hours to pay for and remove all the contents from the self-storage unit. In the event that the highest bid falls through, the next highest will be taken.
- Live Auction: A live auction of a self-storage unit is rarer to find, but a lot more fun to attend. As with the sealed bid auction the unit is opened up so it can be inspected for contents and at a certain time the auctioneer will begin his rant. The highest bid will win and usually will have 48 hours to pay and then clear out the unit.
- Blind Auction: This is not a popular type of auction but it does occur. This is where the manager will simply post that there is a blind auction happening for a self-storage unit's contents and the unit will not be opened up, hence the term 'blind.' The only person who will see the contents of the unit is the one who wins the blind auction. Other than the size of the unit there is little information that can be obtained. Some places will list, 'general items' or 'tools' as an example, but most will not say anything about the contents. The manager will usually take sealed bids for a certain amount of days and the highest bid will win. Sometimes they will have a live auctioneer insteadl, but not likely as a blind auction will bring in much less than one where everyone knows what they are getting into. The same rules usually apply as to 48 hours to pay and clear out the items.
To find out where these auctions are you only have to call the self-storage facilities in your area and ask them when they conduct theirs. Some will do it once a month and others will do it twice, but it is all up to each facility. While you are finding out when the auctions are you will also want to find out the format so that you can be sure it is the type of self-storage auction that you will want to attend.
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Nov 25, 2011 14:54:01
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