Can you really buy abandoned storage units?

The price of abandoned units can range from $25-5,000, so only take the cash that you’re willing to spend. Most storage facilities only take cash payment for their units, but it’s still a good idea to only bid cash even if they accept credit cards or checks.

How do I find my local storage unit auctions?

Storage facilities are legally required to advertise auctions, so finding one is easy. You can get information about the next storage auction in your area by searching online, checking your local newspaper, calling nearby storage facilities or stopping by any community spot where flyers for events are posted.

Are there really storage auctions?

Storage locker auctions are typically conducted in one of two ways: live auctions or online. Online auctions have taken off in recent years, even more so since the COVID-19 coronavirus epidemic kicked into full swing. In both cases, the winning bidder must promptly pick up the unit’s contents and empty out the unit.

Are Self Storage auctions Legit?

When a storage auction occurs, the self-storage operator only gets to keep the amount it is owed with any excess auction proceeds going to the renter. Scammers know exactly what auction bidders are looking for and they stage their units to give the illusion of hidden value. …

How do you buy abandoned property?

Even if a home has been abandoned, someone may still legally own it. Get as much information as you can from the county office and try to contact the owner. If you’re successful, ask the owner if he is willing to sell the property. You can then begin negotiating with him to buy the house.

How do public storage auctions work?

Bidders bid on the contents of the entire storage unit, not on an item-by-item basis. The auction of each unit is open, so there are no sealed bids. The unit is sold to the highest bidder. The winning bid must be paid in cash upon winning.

How do I auction a storage unit?

Those rules are:

Bidders bid on the contents of the entire storage unit, not on an item-by-item basis.
The auction of each unit is open, so there are no sealed bids.
The unit is sold to the highest bidder.
The winning bid must be paid in cash upon winning.

How long do public storage auctions take?

between 30 to 90 days
In most states, tenants have between 30 to 90 days past due to pay the full amount of the dues they owe to the storage facility to avoid their unit being auctioned off. The period after which you can auction off a storage unit varies from one state to another.