Five myths you might hear about storage auctions

If you have ever seen storage auctions on the TV then you are probably fascinated to know more about them. You may hear a lot of
things about these fascinating auctions and not all of them will be true. There are several myths that circulate about the auctions; things that you might come across and believe to be true but actually are not.

We are going to take a look at some of the inaccurate information you may hear about storage auctions and give you some details about the truth of the situation. Hopefully we can help you better understand storage auctions and what they are all about. Here are five common myths about storage auctions, together with the truth of the situation.

self storageThe storage facility makes a lot of money from the auction

Facilities like Access Self Storage only hold storage auctions in order to recoup money they are owed for rental of storage facilities. Auctions are always a last resort after people have been given plenty of opportunity to pay the money they owe. Any money made from the auction goes to paying the overdue fees as well as the auction costs. If there is any money left it goes to the owner of the property. The storage facility does not make any profit from the auction.

Many storage units contain valuable items

You may have seen tales of really valuable finds in storage units but this does not happen that often. Many storage units contain very low key items. If you win the bidding for one of these units you can still make money if you know the right people you can sell items on to.

You do not know what is in a storage unit before you buy it

This one is not a total myth; you cannot actually enter a storage unit until you are declared the successful bidder. That being said, you can look into the unit from outside. If you have a flashlight with you this means that you can sometimes see at least part of the contents. You can also use your nose so that you know if the unit does not smell that great.

Valuables are removed from storage units before the auction starts

As we mentioned earlier, storage units are only auctioned off as a method of recouping storage costs when all other attempts have failed. Everything that is in the storage unit is included as part of the auction.

You have to attend a storage auction in person

This is not the case; there are online sites that enable you to bid without attending the physical venue. This means that if you glimpse an item that you may be interested in, you can do some research online at the same time as the auction is going on, to see how much money you would be likely to make if you sold an item on.

As you can see, not everything you hear about storage auctions is true. Hopefully we have uncovered some useful facts for you.

 

Erin Emanuel