A brief Over-view Self Storage Auctions Procedure

A brief Over-view Self Storage Auctions Procedure

If an individual fails to pay the rent of the storage unit in which his items are stored then most of the times, and the self storage company then to auction off the belongings by conducting self storage auctions so as to recover the lost rent money. So, this is actually a great opportunity for people wanting to take some items at heavily discounted prices and this is the basic reason for the immense popularity of such auctions. But, many people tend to wonder how exactly these self storage auctions are held. I would like to provide an insight about these auctions and so, please do keep reading.

The self storage auctions can be conducted in different ways this process is trotted out under strict supervision of the storage facility which is conducting that auction. So, here are some ways in which the storage units can be auctioned off. The sealed bid is most common way in which the self storage auctions can be conducted. In this way, the facility manager opens the storage unit of which the contents are being auctioned off so as to let people have a look at the things in it. Once everyone has looked at the contents the manager accepts the bids in sealed envelopes generally accompanied by their name and telephone number of the bidder.

The highest bid will naturally get the contents and most of the times the winning bidder has 48 hours to pay and remove the contents from the particular self storage unit. If in any case the highest bid fails, the second highest will be considered. The next way of conducting self storage options is through live auction. However, it should be noted that a live auction is quite rare to find but nonetheless it definitely has a high quotient of excitement and fun. In this type also the bidders are allowed to inspect the content is and after a certain period of time the auctioneer begins his rant. Obviously, the highest bid wins and the winning person has 48 hours for paying and clearing out the unit.

The next manner of conducting the self storage auctions is the blind auction and though it is not among the most popular kinds of options but it is prevalent. In this type of auction the contents and the storage will not be opened for inspection to the bidders and hence it is called as blind. In fact, the person who gets to see the contents in the unit is one who actually wins this blind auction. However, there is certain basic information which can be obtained in some cases where the manager will list the content is as general items or even tools or anything else according to the contents in the unit. In the blind auctions, the manager will accept sealed bids for a predetermined number of days after which the highest bid tends to win. The general rules of 48 hours for the payment and clearing out of contents in the unit apply in this also.

So, when you enquire about the coming auctions in any particular self storage facility then make sure to check out the type of auction making an informed choice about participating in the particular self storage auctions or not.

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