Extra Space Storage Auction Rules

Storage auctions state lien laws before listing an auction online each facility must conform to the lien laws that apply. It is the responsibility of the seller you to verify and conform to the state lien laws in which your properties governing jurisdiction is defined. Before getting involved in your first auction at a storage facility there are a few rules you should know and that will most likely apply to any self storage property you visit.

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If you fail to register and you win a unit the auctioneer or storage facility reserves the right to sell the unit to the next highest bidder.

Extra space storage auction rules.

The customer then has a certain period of time e g. Many self storage companies require that the successful auction bidder return personal items such as photographs tax records and bills or passports that are found in the storage space back to the storage company s office. When drafting your auction rules consider the following. Keep everything close to the vest.

A statement to the best of your knowledge regarding whether the property is subject to a lien superior to yours for example in the case of a vehicle. Each person who wants bid must register and obtain a bidder number from the storage facility or auctioneer before the auction begins. 30 days to pick them up at the office frequently at no charge. A statement advising the public why the sale is being conducted i e the tenant is in default pursuant to your self storage statute.

An unwritten rule of storage auctions is to keep quiet if you see anything of great value. Bidders bid on the contents of the entire storage unit not on an item by item basis. Not every bidder is going to notice the diamond in the rough but astute individuals and regular auction goers will not take kindly to someone letting everyone know what they ve seen.