What is a Sealed Bid Lien Sale?
Mountain Mini Storage auctions, legally referenced as “lien sales”, are sealed bid style auctions. This type of auction is conducted virtually the same as a traditional auction without a live auctioneer. It also has added bidder advantages.
Here is what to expect:
- Do not go into the unit or touch any of its contents . Bidders are given two (2) hours to view all of the units up for bid.
- Mountain Mini Storage lien sales always start promptly at 10:00 am and all bids must be received no later than 12:00 pm (noon).
- Bidders are given (2) hours to turn in bid forms. Each bidder gets one bid per unit so make it count.
- In the two (2) hours of open bid time, bidders have the advantage of researching the visible contents of each storage unit via smart phones, calling a buddy and so on. Bidders can take their time to bid without being distracted by bidding wars, intimidation tactics, or loud auctioneers that tend to pressure the crowd to bid.
- Mountain Mini Storage grants the winning bidder seven (7) days to empty the storage unit ensuring ample time to remove all unit contents.
- All bid forms must be clearly completed with: the storage unit number, bid amount, a phone number to be reached at shortly after 12:00 pm and each bid form must be signed. Remember,each unit that a bid is placed on will need a separate bid form.
- All bid forms must be turned in to an employee, either at the main office or to the employee monitoring auction units, no later than 12:00 pm in order to be a valid bid. No late bids will be accepted so be sure to watch the time.
- Only the winning bidders are notified. If you do not received a call from our main office, you were outbid and we wish you better luck at our next storage unit lien sale.
Advantages of Sealed Bid Lien Sales for the Bidder:
- Bids are generally lower than at traditional style auctions.
- Plenty of time is available to evaluate each unit’s profit potential before bidding closes so there is no rushing and no undue pressure.
- Bid ammounts tend to be less impulsive.
- Bidding wars and intimidation tactics, such as “running up the bid” and “unit dropping” are eliminated.
- Seven (7) days are given to vacate the unit after the sale.
Advantages of Sealed Bid Lien Sales for Mountain Mini Storage:
When a storage unit enters the lien process, payment due has been delinquent for at least 90 days and therefore the balance owed is substantial. At auction, units rarely bring over 40% of what is owed therefore additional expenses of hiring an auctioneer would further the gap between what is owed on each storage unit and what is collected.