How do storage auctions work?
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Maybe you’ve seen it on Tv -the bidding wars over storage units. Who will get what, and how much will they pay? What sort of treasures will the bought storage unit have? It’s all a very dynamic process of what some would say is gambling. But is it truly gambling, or is there more to it? And how do storage auctions work? Who better to answer all your question than our expert team at Manhattan Movers NYC. So, make sure to read more about this recently famous type of auction.
Why do people use storage units?
To answer why there are storage auctions, we have to understand how and why people rent storage. Storage can be incredibly useful. If you don’t have enough space in your home, the best option is to use storage. If you have winter clothes or ski equipment you don’t use every year, you can put it in storage. Space is increasingly becoming an issue, so storage is the best option to keep your home and mind tidy and avoid chaos. Storage is also one of the services people get along with moving service NYC, during relocation. Again, it’s a great way to keep your home and things in order until you get a chance to put everything in its place.
Now that we know why people use storage, all that’s left is to know how and then we can understand why storage auctions are a thing. As many people know, renting storage comes with a monthly bill. It works something like renting a home. You have a fixed monthly rent with a contract for the needed time period. If you break that contract by not paying your monthly bill, your storage company can put your things to auction. Of course, the right terms are defined in the contract and vary from company to company.
What are storage auctions?
In essence, we are all familiar with what auctions are. Whether you’ve seen it on film or participated in one, it’s all pretty straightforward. The highest bidder gets the thing that is on auction. However, in storage auctions, things on sale are storage units NYC. Simply put, the highest bidder gets set contents of a storage unit they are bidding on. However, there are some rules to who and how do storage auctions work:
- Firstly, these auctions are held in person or live, which means to bid, you have to show up in person
- No one can enter and inspect the contents beforehand. Knowing what you are bidding on is not how storage auctions work
- The last most important and known rule is the highest bidder gets the storage unit.
Some lesser-known rule to buying storage units Manhattan NYC on auction is that you have to pay in cash. Secondly, while in-person auctions are the most common, there are online auctions as well. The disadvantage is that you can’t see a close-up of the storage unit that is on sale.
How can you participate and find a storage auction?
If storage auctions seem interesting or appealing, you are not the only one. Storage auctions are becoming increasingly popular in the US. It’s understandable that they are popular as there are a lot of tv shows that center around them. Whether you are a buyer or even a seller as a storage company, you can easily find online storage auctions near you. Of course, you shouldn’t just jump into bidding before reading about some tips.
If you are a newbie or someone who has never participated in an auction as a buyer before, here are some tips to help you get the best deal. The first is, of course, to get to know the auction’s terms. That should be your first step; you should know the rules by heart. Secondly, know that if you find personal items like documents, you will have to notify the seller so they can return them to their owner. And the third rule, which is required by law is that if you find any firearms, you have to report and give them to the police.
What are some of the best and worst finds of a storage auction?
Many things have been found in auctioned storage units that not even the most creative people could think of. Let’s start with the worst-case scenario. What if you find nothing except junk? First, it is not as grotesque as body parts, which have been found in abandoned storage units. Used toilets, urns, and other not particularly pleasant items have popped in storage here and there. Secondly, the worst part is that you will have to clear the storage unit in 24-48 hours. Not only will you have spent money on a useless storage unit, but also you will have to clear it out.
However, some of the best-case scenarios include the multimillion-dollar worth of treasures. From valuable memorabilia to unreleased Michael Jackson music – there have been a lot of successful finds over the years at storage auctions. One of the best storage auction finds has to be a safe filled with a whopping $7.5 million cash. Of course, there were some complications, but the buyer still took $1.2 million in cash and returned the rest to the owner.
How do storage auctions work is no longer a mystery!
With over 50 000 storage units that have been abandoned, it is only a guess of what they can be hiding. If you want to participate in an auction, you must understand first how do storage auctions work in reality. The best advice we can give is to really look at the items you can see inside the storage. Try to estimate whose it might have been and what it might be inside. However, we are sure that if you do decide to embark on the journey that is storage auctions, with some basic precautions, it will surely be a fun ride.