Due to the all-encompassing nature of self storage in the United States, almost every town in the country has a facility in close proximity. Many towns have several with local residents placing possessions that are cluttering up their home in these storage units for safekeeping. However, those who rent these units must be aware that their inability to keep up with the rent each month could cost them their possessions. This is because self storage units are legally allowed to auction off the property of tenants who fail to keep up with their bills. These public auctions allow anyone to purchase the goods with a potential goldmine at the fingertips of bidders.
Frequency Of Auctions
These public auctions are a regular occurrence. For example, California has almost 3,000 facilities with more than 25% of these holding at least one public auction every month. Overall, the state of California has almost 10,000 auctions in a year with approximately $3 million spent by the public. All other states have equally impressive figures. Although knowledge of these auctions will not fall into your lap, it is not difficult to find one nearby. The self storage facilities holding the auctions are allowed advertise any way they choose. One idea is to phone your local facilities and ask each company about their individual auction schedule.
Exploring Different Avenues
In the majority of states, facilities are legally obliged to place a notice in the newspaper when a tenant is about to default. Check the legal notices section in your local newspaper to learn more about public auctions and any other default sales. In general, these auctions take place at the defaulted lot with an employee of the company or occasionally, a professional auctioneer, conducting proceedings. By contacting auctioneers, you may find out more information about similar sales as well as the proper etiquette expected of all those who attend an auction.
When attending a public auction, be sure to bring a large amount of cash because the auction will be cash only. It is often the case where you are bidding on the entire lot. Make sure you arrive at least 15 minutes early. The auctioneer will hand all those involved in the auction a sign-in sheet which contains all the company’s rules and regulations. Be sure to bring proof of identification and a valid resale license or else you will be charged sales tax on top of the price of purchase. Remember, you are not allowed to go into the unit until everything has been bought. This means you should bring a flashlight in order to see the condition of the goods from the front entrance. Once bidders have had a look, the auction starts. The first bid is usually $1 and goes up depending on the interest in the items.
One important final point is that you must be prepared to quickly remove the goods purchased after the auction has concluded. The self storage company will normally have a time limit which generally does not exceed 48 hours. You will not be allowed use the company’s equipment and the lot is expected to be swept clean afterwards so bring a good quality broom.