subject: What To Watch Out For At Storage Unit Auctions [print this page] There are a few things from time to time that you should be aware of duringstorage unitauctions, and take action to avoid them if possible. Here is a list of common instances that require special attention on your part.
Previous tenants This is a big one! I have been to several auctions
where the previous owner of the unit is watching, helplessly nearby as their
personal property gets auctioned off to the highest bidder. It does not
happen often but when it does, it can be particularly depressing and
outright uncomfortable to watch.
Locks pre-cut by facility The absolute best auctions to attend are the
ones that have the lock cut off with the grinder just before the bidding
starts. However, there are a few "bad apple" storage facilities where the
employees cut the lock off the day, or hours before the auction and sift
through it for valuables. Just take extra caution around these facilities.
Storage Contents You will always have to use your common sense
while bidding on these storage auctions. Pay extra attention to units that
are full of trash bags or tattered boxes. Trash bags are almost certainly
going to be filled with clothes, and if boxes are tattered that usually
indicates items that may not be valuable, or the previous owner did not
care about the storage conditions enough to protect them.
Buyer's Premiums From time to time, storage facility owners or more
commonly, 3rd party auctioneers, will charge a buyers premium. This is a
small percentage, usually 10%, of the final selling price of the auction. This
is just money that the auctioneer pockets for the privilege of being an
auctioneer. Make sure to take into account the fees prior to bidding.
Auction Fever It is really easy to get caught up with "auction fever" and
start over-bidding for units because of the thrill of bidding. Do not do this!
You could end up very broke, very fast.
If you try your best to avoid these fairlycommon occourances then you will have successful auctions and also have the potential to make a lot of money in the process. Sometimes situations like these are unavoidable, but just remember tostay alert and be diligent and you will have fun and profit from storage auctions.
