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How do a storage auction work?
Many people want to take part in a storage unit auction but they don't know how it works. In fact, almost anyone can take part, but as a rule, these are people who have recently moved and want to buy things for the home at an inexpensive price. Also, you should know that auctions are conducted both offline and online, so you can buy something even while sitting on your own couch! So how does a storage auction work?
1. The storage unit becomes available.
Perhaps you know that some of the storage units are never put up for auction at all. The unit can only become available if tenants are late in payments. Each state has its own laws regarding when a storage unit can be auctioned. In most cases, storage unit companies put up for auction after 30-90 days after the tenant has not paid. Of course, auctions are not the most pleasant thing for storage companies, since they do not like to sell personal belongings of people who find themselves in a difficult life situation and could not pay the rent. However, companies also lose money every time people don't pay to rent a storage unit, so they have no choice but to sell things.
2. The company advertises the auction
Of course, storage unit companies advertise auctions to sell things off. Don't know where to find information about them? Most often, you can find data on upcoming auctions in newspapers, but now you can also find a huge number of ads on the Internet. To do this, visit the sites of the storage unit company in your city. You can also examine the data on the sites that compile storage unit auctions. The most popular of these are Storage Treasures and StorageAuction.
3. The registration process for the auction opens
If you want to take part in the auction for the first time, you must know that in order to do this you must register. Registration requirements are as simple as possible: you must provide proof of identity and be at least 18 years of age or older. You should also ask your storage unit company if you need to register online or offline.
4. You can familiarize yourself with the contents of the storage unit
On the day of the auction, the company gives you the opportunity to inspect the contents of the storage unit. You can go inside, inspect the contents and decide how much you are willing to pay. Also note that the more items it contains, the more it costs. Also, you should be aware that during this stage of the auction you are not allowed to touch anything.
If you are participating in an online auction, then you also have the opportunity to see what is in the storage unit. Most sites show you pictures of the storage unit and what it contains.
5. Bidding begins
After all interested people have examined the contents of the storage unit, the company starts bidding. Of course, the process can vary: sometimes the unit does not receive any bets, and in other cases people compete with each other. This will depend on what is stored in the storage unit and who is fighting against you.
As already mentioned, an auction is a great way to find the things you need at an inexpensive price. Many people find furniture, books, paintings and more for their home at auctions. Trades are never alike, as its storage units are also always different - so be prepared for anything.
6. Someone wins the auction
As a result, the person who offered the highest bid wins and the auctioneer announces the winner. What happens after someone wins?
Most companies, after the end of the auction, require the winner to pay in cash immediately after winning the auction. If you win an online auction, then the payment options may be different and vary depending on the unit. Also note that the company will ask you to clear out the unit on the same day, because they are losing money every day until they can rent out the unit.