Self Storage Auctions

By law, when a storage facility customer stops paying for a unit, the facility must auction the contents of the unit to pay (or help pay) for the amount owed. By requiring an auction, these state laws help ensure that a fair price is retrieved for the contents. If the amount paid at auction is higher than the amount the tenant owes, the storage facility must write a check to the tenant for the difference.

Facilities are only entitled to the amount that the past-due tenant owes. Storage auction buyers attend auctions to bid on the units and attempt to win the contents. The majority of bidders at an auction intend on profiting from the resale of a unit’s contents, although some may simply be collectors or interested consumers. It is definitely to your advantage to be able to see inside all the units before the auction starts so you can decide which units you want to bid on, and how much you might be willing to pay for them. Ask the facility owner/manager which method they use, and be sure to arrive extra early if all the units are opened before the auction starts.

When you win a self-storage unit auction, you are buying the entire contents of the unit. You must pay for any units you have won immediately after the auction is over, before you are allowed to clean out the contents. The self-storage facility will expect you to remove everything contained in the unit, haul away the trash (not to the facility's dumpster-you have to find somewhere else to take it), and sweep the floor clean when you are done.

You may be required to pay a refundable "cleaning deposit" in addition to your winning bid to assure the facility that you keep your part of the bargain. Your deposit will be returned to you when the facility is satisfied that you have cleaned out the unit. Some may not reimburse you immediately, but may send the refund as a check in the mail.