Self-storage items sold to highest bidder
May 16, 2008
On Wednesday I wrote about people selling their possessions in order to pay the bills and put gas in their cars. Yet another trend is emerging from the subprime mortgage meltdown and all-around tougher financial times: Self-storage auctions.
The New York Times ran this story about the increasing frequency of auctions at self-storage facilities. The auctions are held by the facility after the unit’s renter is delinquent on his or her payments for a certain period of time.
Bidders get barely a glimpse into the storage unit before they place their bids. Only after someone wins the bid do they get to find out exactly what’s inside.
For people who put their items into storage after a foreclosure, I would imagine it would be particularly difficult to see what amounts to nearly all of your possessions auctioned off, often for a minimal price.
Some people have even been found illegally living in their self-storage units after losing their homes.
On the flip side, some people are turning another’s misfortune into profit. Many bidders wade through their new items and resell them at flea markets or on online auction sites.
Share your thoughts about self-storage auctions. Have you ever attended this type of an auction? Have you ever had your possessions sold?
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