When dealing with storage unit auctions, always educate yourself on the facility, buyer and seller rights. While generally the same, these rights can vary from one location to the next. Before participating in a physical or online storage auction, review all the essential clauses and information regarding that particular auction. This will help you avoid problems later on.
1. Payment Upon Completion of the Auction
Typically, the facility owner requires payment upon completion of the auction. Some may require you to pay immediately, while others allow a window of time so you can bid on other storage units. Make sure you know not only when to pay and how to pay, but whether you need to pay sales tax on top.
Read More: What to Look for in Storage Units
2. When Everything Must Go
Some facility owners need everything out of the storage unit the same day. Others provide a brief window of a few days. Make sure you know when everything needs to be moved out.
3. You’re Responsible For Everything Inside
After winning an auction, you are responsible for everything in the storage unit. This doesn’t just mean the valuable items, it also includes the trash, dirty clothes and anything else inside the unit. Failure to remove everything from the storage unit can incur fines.
4. Everything Inside is Yours
Everything inside the unit is yours after winning the auction. If there’s something especially valuable inside the unit, the facility owner or seller cannot claim any portion of the value. You bid on the site and you won it, so everything inside now belongs to you. When buying the unit you’ll sign paperwork stating as much.