Basically, a storage unit auction is the sale of the contents stored inside the unit to the highest bidder. It is the standard legal remedy storage facilities use in an attempt to recoup some of the losses they sustain when renters fail to pay the rental fees on the units and the account has become several months overdue. There has been a substantial increase in the number of self storage auction being held across the United States during the past year or so. This is due primarily to the current economic conditions. Higher unemployment rates and record-breaking numbers of home foreclosures have forced many people to move to smaller less expensive houses or apartments. These people often store the items that will not fit into their new homes at a storage facility until they either need them again or finally decide what they want to do with them. Occasionally, business owners that are feeling the crunch of the economic downturn will attempt to cut costs by downsizing their operations and placing excess products, equipment and office furnishings in storage.
If, for whatever reason, the renter neglects to pay the rental fees on the storage unit for a period determined by the laws of the state where the storage facility is located, then the owner of the facility is legally entitled to foreclose on the unit and auction off the contents. Now before you get an image of the facility owner being some evil villain taking advantage of the poor renter in your head, you should know that foreclosing on a storage unit is a long drawn out process. The renter has several months to bring his account current. So if the renter fails to remove the contents or pay the rental fees, then they have probably decided to give up the stuff they put in storage. Meanwhile the storage facility owner is stuck with a unit that he or she cannot rent, and continues losing money every day the contents remain in unit.
Auction hunters purchase the contents because they have reason to believe they can resell them in various marketplaces at a profitable price. The amount of profit an auction hunter can make often relies on their ability to gauge the value of the contents of a storage unit and offer a lower bid. Auction hunters can make a lot of money; however before diving in head first, beginners should take the time to learn as much as possible about the business to ensure success.
Roger Justus is an enthusiastic auction hunter and co-author of “Insider’s Secrets to Storage Unit Auctions.” Visit Roger’s website Storage Unit Auctions for answers to all your questions about how to find storage unit auctions. While you are there, be sure to sign up for your Free Storage Unit Auctions e-Course.
If, for whatever reason, the renter neglects to pay the rental fees on the storage unit for a period determined by the laws of the state where the storage facility is located, then the owner of the facility is legally entitled to foreclose on the unit and auction off the contents. Now before you get an image of the facility owner being some evil villain taking advantage of the poor renter in your head, you should know that foreclosing on a storage unit is a long drawn out process. The renter has several months to bring his account current. So if the renter fails to remove the contents or pay the rental fees, then they have probably decided to give up the stuff they put in storage. Meanwhile the storage facility owner is stuck with a unit that he or she cannot rent, and continues losing money every day the contents remain in unit.
Auction hunters purchase the contents because they have reason to believe they can resell them in various marketplaces at a profitable price. The amount of profit an auction hunter can make often relies on their ability to gauge the value of the contents of a storage unit and offer a lower bid. Auction hunters can make a lot of money; however before diving in head first, beginners should take the time to learn as much as possible about the business to ensure success.
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