subject: Storage Auctions: What Is It And How Its Done [print this page] Have you ever been to an auction before? Maybe you have seen one on TV or have heard of one happening near your city? You probably have a picture in your head of a guy holding up a peculiar item and describing it in detail in front of a very quiet yet attentive audience. These are traditional auctions, but these auctions not only take place in traditional ways anymore. Are you aware that online auctions have also become very popular?
There are a lot of auction companies specializing in different areas in the aution world. Such companies like Blair Auction & Appraisal, LLC do not only specialize in auctioning furniture, appliances, or antiques, but they also handle store liquidation auctionsa situation when a business is closing or has closed down and therefore need sell their remaining inventories fast. You can also contact companies like them, known for being the storage auction professionals, and find out where and when auctions are going to take place. Let us look in more closely on what takes place during these storage auctionswhat is it about and how does it work?
About Storage Auctions
Storage auctions, or more precisely Storage unit auctions, are what most self-storage facilities do when they need to vacate non-paying tenants. This is the easiest method to use to evict tenants who have gotten behind on their payments and at the same time recover lost rent and fees. You also use this method to systematically remove the items form the storage unit and have the property or the unit available for rent in the future.
These auctions of course are according to the enforcement rights of the storage facilities outlined in the laws of each state. Most storage facilities give a 90-day grace period in which the tenant is also entitled to get current or their back rent. Due process takes place. During this period, the facility needs to and attempts to contact the tenant through all possible means such as by phone, email, traditional mail and certified letters. Also, through these notices, the intent to sell the tenants property at public auction are expressed. They also place ads/notices in newspapers of general circulation in the county where the storage facility is located to inform about the auction. If the delinquent tenant does not make a payment by the auction date, the storage unit is sold to the highest bidder. Once the unit is paid for and the purchaser has a bill of sale, the contents of the storage unit are then legally owned by the purchaser. Typically, the purchaser has 48 hours to remove the contents.
How does Storage Auctions work?
Once you decide to attend a storage auction, be sure to arrive 10-15 minutes prior to the auction. Terms and conditions will vary according to each site, so make an effort to know this information. Storage auctions, unlike traditional auctions, are usually auctioned as an entire unit. They are viewed 1 by 1 with the viewing limited to the doorway entrance of the storage unit or container. Bidding starts after all bidders have seen the unit, and bids start as low as $1.00 and can proceed upwards with the property being sold to the highest bidder. Remember that facilities do not allow the use of their garbage cans or dumpsters and units are expected to be cleared out and cleaned by the winning bidder within the allotted period.
