Click the play button on the video window to the see the storyAs the economy continues to worsen, more people are finding it hard to keep up with their self-storage fees.
According to
state law, "If the occupant is in default for a period of more than thirty days, the operator may foreclose the lien by selling the property stored in the leased space at a public sale, for cash.”
Ron Smith owns the company
Universal Auctions, which has several locations throughout the state.
He’s been in the self-storage auctions business since 1990 but says it’s only been the last few years that he’s seen more people coming to bid on stored items.
He said in the past six months he’s seen a spike in not just the amount of people showing up, but the number of units available.
He also explained how the quality of what is inside the units has gotten better.
He thinks that may be because a bigger group of people in our community now find themselves in a position where it is hard to pay their monthly storage fee.
During the auction a self-storage unit door is opened and participants are allowed to look inside.
They can’t go inside, they can’t touch anything, what they see is what they bid on.
That can be tough since if all you see are piles of boxes you have no idea what it could be worth.
You could find a diamond ring, or a stack of old papers, you just don't know.
It is for that reason that some describe it as “an urban treasure hunt."
It’s a gamble.
You could get way more than what you paid for, or not much at all.
In most cases you have to pay a $50 deposit above whatever your winning bid is.
That is to make sure you clean everything out of the unit.
Once it is clean you get your deposit back.
Most companies will give you 48 hours to get all the items out of the unit and charge you $2 a day after that.
On Thursday, Universal Auctions will host another set of auctions in the Valley.
They have others coming up through out the Summer.
Get more information here.
