When it comes to auctioning off a repossessed storage unit, both the delinquent tenant and the storage company have strong interest in seeing this process carried out legally. That’s because the tenant usually wants their belongings back or to prevent a sale, whereas the self storage company needs to be careful to protect itself against a potentially devastating wrongful sale lawsuit. Most of the time, when we’re talking about wrongful sale lawsuits pertaining to the storage industry, all it takes is one or two slip-ups on the part of the property manager concerned with handling the delinquent storage locker.
The Law’s Probably on Your Side
Unfortunately for self storage companies, Continue reading “How Do Wrongful Sales of Repossessed Storage Units Occur?”
There’s been a lot of talk recently about the legality of repossessed storage lockers. That’s because most of the time that a local storage auctions occurs, there’s a good chance that the owner of the delinquent storage locker is going to show up!
What exactly happens when the previous owner of a repossessed storage shows up to see their belongings on the chopping block?
Continue reading “The Legality of Repossessed Storage Lockers”
Here on the big island of Hawaii, more and more locals are getting wind of the storage auction craze and are coming in droves to cash in on the phenomenon. In Kailua-Kona there are a dozen or so self storage companies that hold semi-regular public auctions to sell off their repossessed units, and the turn out of bidders has increased each time. One recent public auction in Kailua-Kona, at a facility that had only 3 small auction units, the parking lot was crammed with eager bidders waiting for their chance to claim the repossessed lockers. Cars were sprawled out in the shoulder on the road and even parked up and down the street because there was no room! Everyone seems to believe the new auction reality shows like Auction Kings and Storage Wars are having a major impact on public awareness of storage auctions and their potential for making you extra cash.
But what’s so special about Hawaii storage auctions in particular? After all, the storage companies on the mainland are set up the same way as the ones out here. The procedures and rules are quite the same, and perhaps the only major difference between Hawaii storage facilities and mainland facilities is that the rent is far higher out here. However, there is one special aspect common to all repossessed storage lockers that makes Hawaii storage auctions a bit more exciting… Continue reading “What’s Special About Hawaii Storage Auctions?”
The wait is over. The day is here. Your truck is gassed up. Your trailer is hitched. You have all your tools packed up and ready to go. Cash in pocket. It’s auction time.
The thrill of the bargain hunt is just beginning, but many auction hunters slip up in their excitement and turn what could have been a lucrative day into a disastrous termination of possibility? What am I referring to exactly? Permanent bans from all future auctions!
Continue reading “Essential Auction Day Rules”
Let’s face it. Part of the fun and thrill of a public self storage auction is the excitement. People are shouting back and forth. Hundreds of dollars are changing hands from one minute to the next. The auctioneer’s voice is booming through the speaker and pounding the tight spaces of a storage facility’s hallway. The thrill of the hunt comes through as powerfully as if you were on the trail of a prize buck – and you are. Does that filing cabinet have a golden wedding ring in it!? Does that laptop in the back work or is it junk!?
The split second decisions, the competitive bidding wars, the desperate last attempt to edge out a vicious competing auction hunter because you’ve got “that feeling” about a particular unit and you want it no matter what!
It’s no surprise, then, that tempers can flare quickly, and seemingly without warning at a self storage auction. When people start Continue reading “Keeping Your Cool When the Bidding Heats Up”
Bill and his wife have lived on the Big Island of Hawaii for over a decade. While Bill’s usual 9 to 5 is installing air-conditioners, as well as diagnosing and servicing the heating and air-conditioning systems of his loyal clients, he has picked up a side hobby in the past few years that has recently started to pay him large dividends. What, you ask, could top a busy and well-trusted specialist’s usual salary? Well, buying and selling the proceeds of self storage auctions, of course!
Bill has been a regular fixture at many local self storage auctions over the past few months. He comes prepared with a few hundred bucks cash and a powerful hand-held flashlight that he uses to examine the contents of the storage units up on the chopping block. Many advanced storage auction buyers and sellers come prepared with similar hand-held flood lights so that they can get a better idea of the contents of a unit without violating the auction rules and stepping over the threshold of a unit.
Bill attended several auctions in the last few weeks in the Kailua-Kona area of Hawaii. He told me that his efforts had been paying off recently. One auction that he won a couple of months back was for Continue reading “Bill the Air-Conditioning Expert and Part-time Storage Auction Guru”