Self Storage Auctions How They Work – Will It Work For You?

Heard about self storage auctions? Do you know what they are called? Self storage is a popular option for both homeowners and business owners full article. People find it useful to have extra space outside their homes or offices to store some of their valuable personal and professional items.

Self-storage is usually rented for extra storage by people who are in need. They have the option of choosing a monthly term or an annual one. Rent is not always paid by tenants. What then? In accordance to the lien law the self-storage unit has the right to deny the tenant the possessions. The lien law allows storage units to auction off their self storage or sell the liens and allow interested bidders to access non-paying tenants’ storage. The tenants will have to settle up their account by the day of auction. If not, they will forfeit the money and the storage facility may proceed with the bid. So how exactly do these auctions for self-storage work? The storage facility may conduct auctions in different ways. There are three main types:

* Sealed bidding This is done by having all bidders examine the self storage units that are up for sale. The facility manager will then collect all bids after everyone has seen what is inside. The bidder with highest price wins. The winner has 48-hours to pay, and then get the entire contents of the unit. If the highest offer fails to meet the requirements, the contents are awarded to the next bidder.

Live auctions also exist for self-storage. Although it isn’t as popular as sealed bidding, the live auction still has its place. In a similar way to normal auctions, the unit to be auctioned will be opened for inspection by the bidders. The auctioneer starts the bidders. The winner is the bidder who has the highest price. They will be given 48-hours to pay for and claim the goods.

* When blind auctions are used, the facility manager can only announce that a blind bidding will take place. This unit, unlike the others, will not be available for the public. Only the high bidder will be able to see the contents.

People who participate in mini storage auctions tend to be those who buy and trade. You can also participate in these auctions if you just want to collect stuff.

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