Storage auctions why

Those rules are: Bidders bid on the contents of the entire storage unit, not on an item-by-item basis. The auction of each unit is open, so there are no sealed bids.

The unit is sold to the highest bidder. The winning bid must be paid in cash upon winning. A deposit may be requested by the site at their discretion until the unit is cleaned out. The winning buyer is typically given 24 to 48 hours to clean out the unit or rent it under their name. During a storage unit auction, the belongings of a storage unit are auctioned off to the highest bidder to recoup the loss of rental fees.

According to Move In Self Storage , this process is typically conducted via a live auction where bidders place their bids aloud or online as the property within each unit is auctioned off. However, occasionally a storage company will accept sealed bids, whereas bids are placed through a sealed envelope and the highest bidder wins the items.

Before the auction takes place, attendees are first made aware of the rules of the auction set by the company. After each bidder has examined the unit, the live auction commences and the storage treasures within the unit are sold as a group to the highest bidder.

Unlike most auctions, where a bid is placed for a single item, storage unit auction bidders can only bid on the entire contents of the unit. Expect a hassle-free sale with customizable listings over which you retain full control.

You will NOT pay anything extra for this unit. We are proud to bring the excitement of self storage auctions to your fingertips! Start Bidding Or Start Selling. Find Auctions Near You Radius 60 mi. Your local auction may be swarming with bidding veterans, but just about anyone can attend a storage auction. All bidders must be at least 18 years of age and be able to provide legal identification to participate. You should plan to arrive to each auction at least 15 minutes early.

The storage facility hosting the event will likely require you to register before you proceed. While not consistently, most auctions will start on time. Being late to an auction could result in you being kept from the event. Often times, the previous owner of the unit will pay back the debt they owe, delaying the need for an auction. Consider calling the storage facility beforehand to ensure that the auction will be taking place. Spectating will help you to become better acquainted with the protocol and procedures of most storage auctions.

Learn the Process. The first storage auction you attend should be observed from the sidelines. Before you start bidding at auctions on a regular basis, consider learning the process from those who have done so previously. Set a Budget. Before attending an auction, set a budget that will help you manage your spending. Find a Mentor. Making a few friends that regularly attend auctions will be of benefit of you and your future within the storage auctioning community.

Before taking part in an auction, have an idea of what kinds of items you would like to take away from the event.