Public Auctions, Sheriff's Sales, Storage Auctions & Others - Storage Auctions

How to Buy at Auction and Profit Storage Auction

Buying at auctions can be very profitable when done properly with the right forms. When goods are sold or bought by a process of bidding, it is called an auction. In an auction process, interested parties submit their bids and items are sold to the highest bidder. A person who conducts an auction is called an auctioneer and s/he is usually a person hired by a seller to organize and be responsible for the auction process.

Generally, auctions have a reserve price, which is the minimum bid amount below which a seller will not sell the item. Bidders are required to place bids for amounts higher than the reserve price. However, in certain types of auctions, there will not be any minimum bid for the item to be sold. Such an auction is called an absolute auction and whoever is the highest bidder gets to purchase the item auctioned. Absolute auction happens in the case of foreclosed properties or when there is an urgent need to sell a product. An absolute auction can occur at an online auction or at an auction venue.

Real Estate Auctions Auctiontime Com

If a property put up for auction is a government property or property sold by virtue of a court order or under the authority of a government agency, the auction process is called public auction. A sheriff's sale is a public auction organized to honor a court judgment which requires the concerned county/city sheriff to be in charge of the auction.

Real estate investors often purchase property in foreclosure at a trustee's sale in order to purchase land or property at cheap prices. In a trustee's sale, you purchase property on an "as is" basis, implying that you pay for what you see, including the drawbacks. The seller is not liable for any repair works or liens on the property. However, it is always advisable to do your homework and understand how much the land or property is actually worth. Otherwise, trying to purchase bank owned homes might not be good bargain.

There are various online portals dealing with commercial real estate auctions. A property auction is very tricky and it is better to have an auction of real property agreement that contains the following three provisions:

1. 1. An "as is, where is" condition which disclaims warranties.
2. 2. No contingencies implying that you have everything like financing and inspection ready to ensure that the property is yours as soon as the auction is complete.
3. 3. Closing the deal within 30 days.

Car Auctions and Storage Auctions Storage Unit Auctions

Nowadays, storage units may also auctioned, and storage auctions are used as a tool to ensure that tenants pay rent on time. Tenants are typically allowed a 90-day payment period to get current once they default on rent payments. During this time, a tenant is informed of the owner's intention to sell the items in the storage facility at a public auction upon expiry of the 90-day grace period. If a tenant fails to pay up within the grace period, the storage unit is auctioned and the highest bidder gets to purchase it. The purchaser also owns all the contents in the storage unit. Auto auctions are also gaining popularity with many people relying on the bidding process to sell their used cars and all types of vehicles. Sometimes, even new cars are also sold through car auctions.