Going Once, Going Twice, SOLD

What happens when somebody stops paying the rent for using a self storing unit? He gets reminders after reminders and still if he does not reply or act the self storing company, by the right outlined in the laws of the state, vacate the units. Now comes the important question, what do they do with the articles stored in the facility? The answer is, they simply auction it. This is the fact behind what one calls the self storage auctions .

Most of the time the self storage auctions put a number of units under hammer and most of the time the buyers bid for the units to make profit by selling the contents at a higher price. This does not mean that the general public cannot attend or buy from the auctions. The price that these buyers pay cross a few millions a year and the contents they get are dirt cheap. These auctions are ideal for those people who want to trade in secondhand articles and look for them in the flea markets. If you want to attend such auctions look out for the notices in the newspapers for the date, time and venue and get there well in advance as you will have to go through some formalities before the actual auction starts.

Self storage auctions are generally of two types. The verbal or live auction where the bidders bid aloud and everybody can hear the calls and the silent auctions where the bids are made in sealed envelops. The former is the most common and popular and the bidders are supposed to pay cash once they win the bid. But before any auction starts you will be handed over a set of terms and conditions for the auction. If you are a valid reseller you will be needed to show your identity as such or else sales tax is usually charged on such transactions.

Unlike all other auctions, self storage auctions are not for individual items but the entire contents of a unit going under the hammer. In general auctions you get a clear view of the item to be auctioned. But in this auction you will be simply allowed to have a visual inspection of the contents from the door of the unit that is being auctioned. But for this too you will have to wait your turn and that is the reason the auction actually starts from the inspection rather that from the bidding time. Sometimes the bid starts from very low amount and the contents of the auctioned unit goes to the highest bidder. After the payments are made a time limit is given to the winning bidder to clear the contents of the unit. This is an absolute necessity because the self storing company is auctioning off the contents to clear space so that they can rent it out again.

A very common question about the self storage auctions is what one can expect to find in the units. Most of the time, these are the things that you yourself would have put in the facilities. They can be the common household articles like furniture, garments, electronic goods and even personal records. Sometimes these units throw up jewelry, antiques and also collectibles and sometimes the whole household or business can be found in the units. There is always an element of surprise in these auctions as the closed boxes can yield the most unexpected of things.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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