Storage auctions take place when a tenant abandons his possessions or forfeits his control of the content within the storage rental unless a lien is forced upon the unit for unpaid rent. Generally when a lien is placed on the unit for non-payment, state laws enforce that storage facilities auction all items within the storage unit to pay off rent that is owed. Buyers benefit at storage auctions when all items within the entire unit are sold to the highest bidder.
Prospective buyers at storage auctions benefit when they have competitively bid for each storage unit. Each storage unit is auction one at a time. When storage auctions are taking place, the winning bidder of every unit must shortly after verify his final bid by signing off on a confirmation of sales slip and giving his accurate phone number and mailing address. Sales tax is applicable with the exception of buyers who present to the clerk a copy of their State Board of Equalization seller's permit, prior to payment. This benefits the buyer from putting out extra cash.
At these facilities, all units are sold “as is” and all sales are final. Buyers benefit when they have their own lock to secure their purchases within the unit. Items are to be removed after the storage auctions have closed. A cleaning deposit of $40 per unit at the storage auctions are refundable if the unit is cleared away leaving nothing behind within 24 hours. All buyers can also benefit under the circumstances when they sell back properties to the tenant on their behalf.
Online storage auctions provide the convenience for both buyers and facility operators. It use to be mandatory under several state lien laws for storage auctions to be held at the facilities. Now facility owners can now list their storage auctions on site and online by listing their URL of the storage auctions listed under legal terms and conditions. This benefits potential buyers to search the storage auctions online prior to bidding. During the start of the traditional storage auctions the online storage auctions can begin their initial bid accordingly.
These types of online storage auctions are also cost effective. Legitimate buyers no longer need to drive to and from different auctions. Now many potential buyers are computer savvy and can gain access to several online storage auctions. Potential buyers now have the convenience to research and budget each storage unit online from the comfort of their home. Through virtual bidding, a facility owner can earn up as twice as much more than traditional storage auctions.
At traditional storage auctions, facilities owners are face with large crowds and problems with potential buyers being able to park on the property. Now, online auctions provide the solution to avoiding liability risks as well as keeping the auction's earnings high. This can guarantee the storage operators gain the highest bids without the overwhelming traffic from traditional storage auctions. Overall both traditional and online storage auctions are beneficial to potential buyers in their own way depending on the buyers' comfort level and circumstances.