As a platform for storage auctions, we’re familiar with the phenomenon of abandoned items. Storage lot owners retain property left behind by delinquent tenants; in order to clear space and generate revenue, they hold auctions.
State governments also require cash flow to fund public works and institutions. Lottery tickets represent a popular business model; taxes, not so much. A lesser known approach to generating public funds bears resemblance to storage auctions. Three years after people abandon safe deposit boxes at banks and credit unions, the items are turned over to the state.
As an example, Arizona maintains an entire website devoted to unclaimed property. The site serves as a means for property owners and their heirs to find missing items. It also announces auctions where buyers can bid on remitted property.
Storage Auctions vs. Safe Deposit Auctions: Which Is Better?
Comparing storage auctions to safe deposit auctions is like comparing apples to oranges. With storage containers, there’s usually an element of mystery, an exciting gamble for a prize. With safe deposit auctions, states list specific items. Obviously, they tend to be valuable by virtue of having been stored in a bank vault. People generally store different types of items in safe deposit boxes than they do in storage lockers. When you win a storage auction, you find yourself the proud owner of a large quantity of items — their quality partially or entirely unknown.
Call us crazy, but that’s part of the fun! Depending on what draws you to storage auctions, you might enjoy exploring this other avenue of bidding on abandoned items. On the other hand, you might prefer to stick with the treasure hunt that accommodates a lower budget and satisfies a thirst to search. Storage Treasures is your hub for live and online storage auctions.
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