Storage Auctions

bidder with no money

Offline terry

bidder with no money
« on: March 06, 2011, 08:06:33 PM »
I have heard of this on this site and from a friend. I haven't been out last week and half. So haven't seen it first hand. I will be making a run Tues. and will get clarification from auctioneer. But anybody got any info on what happens when somebody bids up units, wins and doesn't have the cash. The case I heard from my friend was at one of the Boonie places. Independent owner was trying to make arrangements with the bidder to go get the money.
I plan to make this one of my ?s before auctions start. And I think now I will start hanging around at pay up time even if I don't win a unit.  ;D

Offline MovieMan

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Re: bidder with no money
« Reply #1 on: March 06, 2011, 08:22:05 PM »
In 7 years I've seen it happen twice...and both were experienced bidders who suddenly didn't have the money.
Truth is, each of them was running somebody UP and got stuck.

These were two separate incidents under two different auctioneers. Each of the two BAD bidders was banned from the auction that day and from that day forward by those auctioneers. Also, the auctioneers let the other auctioneer companies know about it and so did the rest of us regulars.  Unfortunately, these two people were NOT banned from the other auctioneer's future auctions, but it reduced the competition  a bit.

A third person I saw played the "aw shucks, I'm just a dumb***" and the unit was then resold.

A fourth incident involved a locker that I was bidding on. I quit at $600 and the guy got it for $650. I left as it was the last auction at that facility.  A half hour later at the next place on the route the story came out. The guy didn't have the money and the third runner up (at $550) got the locker. They didn't re-auction it as we had all left.
The final part of this story is that the 10x30 turned out to be nothing but crap.

I had lucked out, but my pal spent days cleaning it out and lost everything he had invested. The only thing he could sell he said was the totes the crap was in.

Re: bidder with no money
« Reply #2 on: March 09, 2011, 08:59:58 AM »
I guess the takeaway from this is that it can pay to stick around after teh auctions are done even if you didn't win any.

Offline MovieMan

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Re: bidder with no money
« Reply #3 on: March 09, 2011, 10:00:39 AM »
I guess the takeaway from this is that it can pay to stick around after teh auctions are done even if you didn't win any.

Or, as in the last line of my post directly above yours, luck out because you left. If I had stayed I would have been the 2nd highest bidder and I probably would have said "great, I'll take it at my last bid." If I had done that it would have been me that worked for days for virtually nothing to sell.  The former lkr owner had been a druggie and hoarder all in one...it was a losing locker and while I felt badly for my friend who got it, I was happy for me who didn't get it.

Re: bidder with no money
« Reply #4 on: March 09, 2011, 10:42:28 AM »
Or, as in the last line of my post directly above yours, luck out because you left. If I had stayed I would have been the 2nd highest bidder and I probably would have said "great, I'll take it at my last bid." If I had done that it would have been me that worked for days for virtually nothing to sell.  The former lkr owner had been a druggie and hoarder all in one...it was a losing locker and while I felt badly for my friend who got it, I was happy for me who didn't get it.
I thought about that, but at the end of the day, we bid what we are willing to pay for lockers that we want (with the exception of a few of us who claim to bid more than they believe lockers are worth).  Therefore, I would generally still want to buy that locker, assuming I didn't exhaust cash on hand with later purchases.  The odds that the locker was a loser didn't change since I made my earlier bid, after all.

Offline MovieMan

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Re: bidder with no money
« Reply #5 on: March 09, 2011, 10:48:40 AM »
I thought about that, but at the end of the day, we bid what we are willing to pay for lockers that we want (with the exception of a few of us who claim to bid more than they believe lockers are worth).  Therefore, I would generally still want to buy that locker, assuming I didn't exhaust cash on hand with later purchases.  The odds that the locker was a loser didn't change since I made my earlier bid, after all.

I am a person who will bid people up and I admit it and have no trouble with the concept. People do it to me too.
While it's true that I GENERALLY still want a locker I bid on (at a certain amount) I sometimes regret having made a last bid that landed me the locker...we all make mistakes sbell. But the point HERE is that I was fortunate that I had left and didn't get the locker. I was happy to find that out AFTER the fact.

Let us know however if you NEVER get a locker  that stings you when you DO pay that last bid amount you were confident in. If you never get stung you ARE a rare buyer indeed.

Re: bidder with no money
« Reply #6 on: March 09, 2011, 01:48:10 PM »
I am a person who will bid people up and I admit it and have no trouble with the concept. People do it to me too.
While it's true that I GENERALLY still want a locker I bid on (at a certain amount) I sometimes regret having made a last bid that landed me the locker...we all make mistakes sbell. But the point HERE is that I was fortunate that I had left and didn't get the locker. I was happy to find that out AFTER the fact.

Let us know however if you NEVER get a locker  that stings you when you DO pay that last bid amount you were confident in. If you never get stung you ARE a rare buyer indeed.
Don't get me wrong, I completely understand what you are saying.  You recognize that had you bought the locker, you would have lost money.  

We've certainly all ended up making well-reasoned bids on a locker only to have it turn into a turkey.  If someone claims that they have never lost money on a locker, he/she is as big of a liar as the guy who has to pump himself up by spewing self-aggrandizing stories.  My point is only that until you are actually able to sort through the locker, you haven't lost any money, really.  Until that point, you are still the wise speculator, making things happen.

In the case of the locker that you 'lost' but is offered to you at the end because the 'winner' defaulted, your point of view is still where it was when you were standing in front of the door calculating your 'drop dead' bid.  Therefore, any one of us would likely still buy the locker if 1) we still have the cash in our pockets and 2) our last bid wasn't above that 'drop dead' price.  Like many of us, I NEVER bid above my 'drop dead' price, so for us, only #1 applies.

Given all this, my takeaway from your ealier post still applies.  It behooves us to stick around at the end because a locker that interests us just might once again become available.

Offline MovieMan

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Re: bidder with no money
« Reply #7 on: March 09, 2011, 02:27:42 PM »
Partial quote from above:

Given all this, my takeaway from your ealier post still applies.  It behooves us to stick around at the end because a locker that interests us just might once again become available.

Yes, sticking around DOES seem like a good idea as I have seen the person not have money a few times.
And if I DID stick around, I PROBABLY would go ahead and buy it.

On the other hand, I have bid what I thought was a good price for a lkr only to have someone go up another 50 or so, and I bail. People have said, "what's an extra 50?" but of course the next bid I would place would be 50 or so higher than THAT, now I'm at $100 more than I wanted to bid. I bail; and I MIGHT bail on the deal we've been talking about IF I had second thoughts...and I've had those in just a regular bidding situation, so hard to tell exactly what any of us would do "in the moment".

Re: bidder with no money
« Reply #8 on: March 09, 2011, 04:26:22 PM »
Agreed


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