Storage Auctions
The Storage Locker => Stories about Storage Auctions => Topic started by: MovieMan on January 16, 2014, 03:40:19 PM
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I recently went to an auction where something happened that I hadn't seen in 10 years of attendance.
The auctioneer's web site said the auction was day "x".
The newspaper legal notice had in down for day "y", one day later.
Apparently the facility had made the mistake.
Anyway, we had followed the auctioneer throughout the day (some buyers from quite a distance away) and
he decided to sell the lockers on "contingency". Normally that is done so the former renter can be given one last
opportunity to bail out the locker sale.
The understanding was that the money from day "x" sale would be collected that day, but when the buyer's came back the next day (along with new buyers who were going by the legal notice and possible tenant owners) then the auction would resume at one step up from the last bid.
So, if one had purchased the locker for $150, it would start at $160 the next day. Got it?
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Skip forward to the next day. Not as many buyers, but everyone who bought one the day before showed up hoping for the best. There were 6 lockers. Here's the rundown on the three I remember.
Buyer "a" got a locker the first day for $60. On the second day he was run up and finished buying it at $100. He should have quit when the other guy said $65. It wasn't worth $100.
Buyer "a" got a 2nd locker the first day for $170. On the second day I told him I wouldn't bid against him if he would be willing to sell me some items from the locker. He agreed. Buyer "b" (a new second day bidder) took him up and he got the locker "again" but this time for $250 ! Yikes ! I am looking at a few things with him and he'll be happy to take what I offer I think.
Buyer "c" (a first day buyer) got a 10 x 30 for $1,500 and it had good quality stuff. Second day comes around and buyer "d" (who had been there on day 1) takes the locker up to $2,100 AND GETS IT !
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There is one more twist. In October, 2013 buyer "d" had bought a 10 x 10 that was owned by the same tenant as the one he paid $2,100 for several months later. The two lockers didn't come up on the same auction date due to a MANAGEMENT error !
So, buyer "d" really needed the $2,100 locker to get the six dining chairs (big ones) and the dining table leaf that were in the new big locker, otherwise the table from the 10 x 10 of October wouldn't do him much good.
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It was a mess and I'm not sure it was handled as well as it could have been, but oh well.
Sorry for the long post, but a complicated situation needs a lot of background and explanation.
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For the life of me I cannot understand why anyone would bid the first day. Just wait until the second day and let all of the auctions start at zero.
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For the life of me I cannot understand why anyone would bid the first day. Just wait until the second day and let all of the auctions start at zero.
Well, the thing was that the 2nd day auction was going to start one increment up from the previous day. Had NO ONE bid on any given locker then it would have been ok, but every locker got a first day bid...and every locker went up on the 2nd day. The new people who weren't there day 1 were the ones (for the most part) who bid higher than the previous day's winning bid.
I do see your point though. My plan (since they weren't that great for what I wanted to spend) was to at least see them on day one and I think I'll be able to buy a few pieces from one of the lockers anyway.
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Sorry for the long post, but a complicated situation needs a lot of background and explanation.
Yeah, I think you need to add a table of contents to that post. LOL Interesting topic though.