Debunking 4 Myths about Storage Treasures Auctions | ABQ

When somebody rents a storage unit and then gets delinquent on their payments (or simply abandons it for good), you may buy whatever these units are keeping… in an auction. These auctions are quite famous for the thrill of the hunt. You never know what’s lurking inside one of these units. You may find real treasures… or maybe an old man’s stamp collection.

Storage Treasures (also spelled storagetreasures.com) is an auction site that hosts a lot of these auctions. People have some misconceptions about storage auctions; however, these need a little explanation. So, we’ll discard four prevalent myths in this blog.

1. Every Unit Holds Hidden Storage Treasures

Myth: Some people believe that abandoned lockers are overflowing with riches. Imagine gold coins, heirloom jewelry, rare collectibles, or out-of-print books. TV shows may edit for drama. They show bidders unearthing a forgotten Picasso or cash after minimal digging. So, you may get this perception that most units are hiding similar treasures.

Reality: Clutter usually dominates these abandoned or delinquent units. You’ll see clothes or kitchenware scattered everywhere. True valuables rarely make an appearance (think 1 out of 20… or maybe even 50 units). 80% of these units have trash that needs dump runs.

Albuquerque locals store practical items like gardening tools or Christmas decorations, not fortunes, so expect cleanup costs over windfalls.

2. Facilities Secretly Remove All Valuables

Myth: Skeptics claim that storage facility owners rifle through these units before the auction is due. They pocket guns, collectibles, jewelry, or cash. Leaving junk for poor bidders. This myth comes from a purely human emotion, distrust. People assume that facilities are trying to maximize profits by curating “loser” lots after their tenants default.

Reality: Storage unit auctions follow state laws that forbid touching contents before they’re sold to the highest bidder. Units have to sell as a sight-unseen beyond the door peaks. Legal items cover only the rent due on these units. Rummaging leads to lawsuits against facility owners/managers.

We at ABQ secure these units post-notice; we auction the whole contents to recover debts. Surplus bids return to owners. No scavenging, just honest business!

3. Bidders Can Cherry-Pick Items

Myth: You may see a TV actor grabbing a rare gem and then abandoning junk items. Shows make storage locker auctions seem like shopping sprees. You may assume this is how an actual sale works. You can bid low and take the treasure! Leave trash for ABQ…

Reality: A storage renter’s personal stuff (photos, passports, yada yada) goes back to them. Not to mention you shouldn’t even keep your paperwork in a storage facility in the first place! Stolen goods, guns, drugs, and hazardous materials are also a no-go. We must report these items to local authorities right away. Possessing them isn’t allowed. Storage facilities return these items or hand them to the relevant authorities.

When in doubt, deliver questionable items back; it’s not worth the hot waters.

4. Facilities Profit Massively from Windfalls

Myth: Myths also portray auctions as “side hustles” for facility owners. People assume that a storage facility cashes in big and keeps the full proceeds. Tenants lose everything!

Reality: These proceeds only cover the unpaid rent we’re owed. Lien fees, ads, and the cost of lock-cutting. Excess checks are mailed to original owners (or we hold them for claims in the future). We can read stories about people finding millions of dollars in cash in storage units. That’s why we believe that Storage Treasures is a windfall for bidders, not the ones who own the storage facility.

The laws regarding how long facility owners have to wait to auction off abandoned units can change based on your state. For instance, Indiana passed a law that accelerated the auction process. So, storage facilities in Indiana sure are profiting from delinquent renters.

Skip myths and TV hype. Learn the genuine Storage Treasures truth.

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Looking for an indoor storage solution for your belongings? Call Albuquerque Self Storage today to learn more.