Most of the self storing facilities arrange self storage auctions to vacate the storing units for which the company is not receiving the rents for the last few months. Actually the companies have an enforcement right to auction out these units, as per the State law. These auctions are opened to general people. If you are interested you can buy some valuable items at a cheap price for your usage, or you can resell the item in a higher rate to gain a lump sump. Actually these auctions are a great place to buy valuable secondhand articles for pennies. However, before bidding you must be aware about the quality of the product. If you can deal these auctions with previous experience, then you might gain a lot.
The procedure of these self storage auctions is not too complicated. You should be present at the place 10 or 15 minutes before the bidding starts. Different facilities have different type of terms and conditions. Here, you have to bid for all the contents of the storing unit. After breaking up the lock to open the door of the unit, bidders are allowed to have a look from the gate of the unit or container. Once all bidders have checked the contents of the unit, then the bidding procedure starts. Bidding starts with the lowest price for the unit, sometimes it could be even 1 dollar. The unit will be sold to the highest bidder.
The storing facilities normally accept cash as a payment method for self storage auctions . You might have to pay sales tax, if you do not have a valid license for reselling. The winner of the bidding system is finally responsible to clean up the unit thoroughly. He should take anything and everything the unit has. The storing facility will specify maximum time duration to free up the unit by the highest bidder. If the unit is not vacated by that time, the property manager will take necessary steps to clean up the unit, so that they can rent the unit to some other prospective customer.
At the self storage auctions , you never know what you are going to get, even if you buy the unit. Though the bidders are allowed to have a look into the unit, in that short amount of time it is really difficult to guess about the contents of the unit, especially if all the contents are packed up in multiple boxes. You can find household articles, clothing items, jewelry, antiques or collectibles. If it is a bigger unit, then there is a high chance of finding the articles of 2 to 3 bedrooms. This stock could include electronic items, various type of furniture, dresses, furnishings etc. However, you might even find all garbage, if you have such a hard luck.
All these self storage auctions take place with prior notice in local newspaper. So, if you are interested, then keep on looking in the particular section of the newspaper. You can also search the internet to find out about the schedules of auctions. However, the web sites may not contain updated information. So the best way to be informed is by calling the company. In your local neighborhood, you may find a specific newsletter, having information only on the auctions. If you are going to invest on auctions and planning to use the products for reselling purpose, then you might subscribe this newsletter regularly.
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