How to Buy at Auctions of Self Storage Units

When renters default, it's possible to buy at auctions of self storage units. The manager of a self storage facility periodically holds an auction to sell the contents of self storage units that have gone unpaid by 30 days or more by the person who rented the unit. The bidder who wins the auction takes all of the contents.

Instructions

1. Find out when self storage units auctions are held. Often advertisements are placed in newspapers notifying the public when an auction will be held.

2. Arrive at the auction in plenty of time to look at the self storage units whose contents are up for sale. Usually bidders are only permitted to look at the contents of each unit while standing outside the unit. It is not possible to go inside the unit or open boxes to see what is begin stored there.

3. Listen to the auctioneer for the terms of the auction. Successful bidders must remove all of the contents of a storage locker whether they want all of the items or not. The time to remove the goods can vary from 24 hours to 1 week.

4. Obey all guidelines and requests of the auctioneer. Personal items such as photos and personal papers are often supposed to be returned to the storage facility office so the manager can return these items to the renter who went into default.

5. Follow through on all guidelines of the auction to ensure upholding the winning bidder's end of the contract.

Tips & Warnings

• Bidders often sell the items they buy at self storage auctions at flea markets or on eBay.

• Remember that at most of these auctions the bidder buys the contents of the unit sight unseen. Some will be duds.