All is Fair in Love, War, and Storage Unit Auction?
That's how the old saying goes right? If not, then consider it revised as of this minute. A large part of the thrill of attending storage auctions comes from the bidding process and unearthing unforeseen treasure after winning a storage unit that you fought for. There is a satisfaction in knowing that you were right and that the storage unit was worth the hard work and energy, and even more a reward when you are then able to sell the items that you've won at storage unit auctions and turn it into profit in the form of cold hard cash.
As a bidder, all is fair in storage unit auctions as long as everybody starts out on the same even playing field. The facility gives the previous tenant the opportunity to pay their debt and reclaim their property up until the minute of the unit and follows a specific protocol to the letter of the law to put the unit through the lien process. The auctioneer should be even keeled, giving every bidder the same fair shake and accounting for each bid placed in a fair manner. Every bidder has the same chance to view the storage unit in question and make an assessment of value on the unit based on their knowledge. Their knowledge is dependent on the time and energy that they put into their storage auction resale business in terms of attending auctions, researching items, and making sales connections. Their success is based solely on what they put into their business. One person could sell the same item for more than another person, simply because the first person took the time to find the right buyer. What we're getting at is that each individual involved in the process follows a certain protocol and does their part to make each auction honest. The highest bidder wins and everybody can walk away from the storage auction knowing that the auction was completed correctly and fairly, and those that didn't win that go around still know that the sun will shine again and they'll have many more chances to win storage auctions in the future following the same methods.
However, there is one exception to the 'All is Fair' rule and it's a very important exception and not to be taken lightly. Units that have been tampered with or staged in any way are no longer fair game for anybody! To begin with, as a buyer, you want the peace of mind to know that unit that you've won has been sold to you following the laws and regulations of your state. Why? Because any other way can lead to headaches on your end. If a facility hasn't been honest with you about staging a unit, can you really trust that they were honest and completed the appropriate paperwork and lein processes? If not, this can become a problem for you later if a tenant comes to collect their belongs and find that they've been illegally sold. While you don't bear the burden of responsibility in this instance, you may still find yourself thrown into a legal battle that you shouldn't have to be part of. Not to mention the fact that if a storage unit has been staged, this doesn't bode well for your ability to make a profit on the contents inside.
While in most instances, the facility will have completed each step in a honest and thorough manner, there are always few bad apples in any walk of life or profession. Don't let this deter you from the storage unit auction business! In most instances, it won't be necessary for you to play detective and thoroughly inspect a unit before bidding. Normally, you'll be able to tell a unit has been sitting for some time by a quick glance. Once you've attended a few auctions at any given facility, you'll have a pretty good feel for the owners, the auctioneers they use and the units at their facility. However, if you're attending an auction at a facility that you've never visited, you'll want to take a few extra precautions and review each unit more in depth before placing your bids. We'll review 5 Tips for Inspecting A Unit in Tomorrow's blog.