Renting a storage unit is a great way for people to store stuff they don’t necessarily need in the here and now but don't want to let go of. Storage units are excellent for people who are short on space in their homes.
Many people also use these facilities to store valuable items or heirlooms. While people buy or rent these storage units in good faith that they will be able to pay the monthly fees, there are many reasons why storage units have auctions, including when those fees aren't paid. Due to the potential sensitivity of these situations, storage unit auction laws are in place.
If a tenant’s storage unit is up for auction, they should be aware of some public storage auction rules. Once a storage unit is unoccupied or unpaid for an extended period, usually over 90 days, the owner of the storage unit facility can auction off any content within that unit. Most of the time, this is an effort to try and regain some lost profits. Adverank can help facilities receive the optimum exposure to ensure a successful auction.
The tenant is notified of the situation, and the storage unit is locked. Then, auction procedures can begin. Eleven days before the auction, the storage facility has to place an advertisement for at least a week in a local newspaper or social media page.
This auction may occur in person or online, or both, depending on the facility. The specific details on the timeline before a storage unit auction will be detailed in any renter lease.
How To Get Your Stuff Back From Storage Auction
Many people wonder how to get their stuff back from a storage auction once it has started. Nothing in the law states that the storage unit facility must return its tenants’ belongings when an auction has begun. Many storage companies will give their tenants back the contents of their storage unit even if the auction has started as long as they settle their debts.
If a storage facility will not release a tenant’s belongings, the next logical question for them is, “Can you buy your own storage unit at auction?” Again, most facilities would rather that their tenants settle their debts, but if this isn’t possible, most states will allow the tenant or a person acting for them to bid.
These storage unit auction laws allow the tenant to continue their agreement and/or retrieve their belongings. However, they also protect the storage facility and give them a chance to regain any outstanding rental fees they may have missed out on. Implementing these laws helps to reasonably support each side of this agreement while being realistic that contracts sometimes can be broken.