Welcome to Storage Units Auctions.Com. The new A&E hit TV Series, Storage Wars, has generated a great deal of interest in storage auctions. People from all over the the USA, as well as other countries such as the UK, are hoping to uncover a fortune in hidden treasures. As a consequence of the very bad state of the U.S. and world economy, coupled with the challenges in finding employment, increasing numbers of people have the desire to possibly earn a full-time living with storage unit auctions, or simply to enhance their present income. If you happen to be a fast learner, along with doing some thorough research, it is possible to earn a nice living buying units at storage auctions. Having said that, even the most experienced storage unit auction professionals get burned. One never knows what’s going to within those unopened cardboard boxes, or what the heck is concealed beneath those tarps. There could possibly be a king’s ransom in gold and jewelry, you can even find lots of cash, or you might just find someone’s dirty old underwear. Darrell Sheets, of Storage Wars fame, once found a human corpse wrapped in plastic! Acquiring lockers at storage unit auctions is much like gambling. You could potentially hit the jackpot, or you may go home a big loser.
Here is how storage units become available to people via public auction:
When individuals store their belongings in a self storage unit, they are expected to make regularly monthly payments. If they get behind in their payments beyond a certain period of time, the storage unit company will give them an opportunity to catch up and get current, or they will have to forfeit the contents of their storage unit. If the renter defaults, then the storage unit facility will have the legal right to sell the contents of the storage unit to recoup the back rental payments that the renter was unable to pay.
Storage unit facilities conduct their storage auctions in various ways. The most popular auction among buyers is the live auction. This is the method of auction seen on Storage Wars and Auction Hunters. The way this auction works is to open up the storage unit, and allow the public and potential bidders to view the contents. After everyone has had a chance to look over the contents of the unit, the auction will commence. The auctioneer will begin taking live, verbal bids from the participants. The person who places the highest bid will win the contents of the storage unit. Depending on the storage unit company, most companies want their payment immediately after the auction, and they usually give people 24-48 hours to clear out the contents of the unit. If you are a well known reputable buyer, some companies will allow you to pay for the unit later in the day after the auction, or by the next day, at the very latest.
There is another type of auction called the “Blind Auction”. This type of auction is certainly risky, as bidders are not permitted to view the contents of the storage unit in advance of bidding. The only person who eventually sees the contents is the winner of the auction, so people bidding on storage units in blind auctions have no clue as to what they are actually bidding on. The method of bidding on these types of auctions are either made by sealed bids in advance, with the highest bid winning, or there can be a live auction held in front of the unit itself. A man from San Jose, California, recently participated in a blind auction. He placed a winning bid of $1,100 on the storage unit, and when he inspected the contents, he discovered $500,000 of gold and silver pirate treasure hidden inside a blue Rubbermaid container. Dan and Laura Dotson, the auctioneers on Storage Wars conducted this auction, but sadly there were no television cameras present to record this amazing event.
There is a third method of bidding, and this is called the “Sealed Bid”. This is a popular method used by storage unit facilities. There is no need for an auctioneer. The way the sealed bid auction works is, the storage unit manager will open up the unit for potential bidders to view the contents. After everyone has had a chance to look the unit over, the manager will accept bids from people in a sealed envelope. After all of the bids have been opened, usually right there on the spot, the person who has bid the highest will win the contents of the unit. Like the other two auction methods listed above, the winner usually has to pay immediately, or at least by the following day.
It’s important to know what style of storage unit auctions you are bidding on before you go. You can find this out in advance by calling the storage unit facility. This way you will be fully prepared for the auction and not be surprised when you arrive to bid. Hopefully this information has been informative enough in helping you understand the different types of storage unit auctions. Please feel free to read the other articles on our site to find out more about storage auctions, and how to educate yourself to be fierce competitor among your competition.