How Long Does It Take for Public Storage to Auction Your Unit?

When you rent a storage unit from a public storage facility, it is important to understand the implications of non-payment and the legal procedures involved in the auction of your unit.

Understanding Your Lease Agreement

The first step in determining how long it takes for a public storage facility to auction your unit involves reviewing your lease agreement. This agreement outlines the terms and conditions of your rental and the steps that the storage facility can take if payment is not made.

The period during which the facility can auction your unit can range from 3 to 6 months, depending on the specific terms of your agreement and the laws in your state. It is crucial to read and understand these terms to avoid any confusion or surprises.

Additional Fees and Penalties

In addition to the length of time before the auction, it is important to be aware of the additional fees and penalties that may be incurred. These can include late fees, storage fees, and any other charges that may accumulate if payment is not made promptly.

To avoid these fees and the auction process, it is recommended to pay your outstanding balance and resolve any disputes as soon as possible. This not only protects your interests but also maintains a positive relationship with the storage facility.

Preventing the Auction Process

If you are facing financial difficulties and cannot make the full payment, it is advisable to reach out to the storage facility and discuss your options. Many facilities offer temporary extensions or payment plans to help you avoid the auction process.

By communicating openly and proactively, you may be able to work out a solution that prevents the auction. However, it is important to act quickly as the auction process can begin once the lease agreement has expired or the rental period has ended.

The Auction Process

If the auction process does begin, it is important to be aware of the details and potential consequences. The auction is typically a public event, and the winning bidder will purchase the unit at a marked price, which includes any outstanding fees and penalties.

For the auction-goers, it is important to understand that the unit is sold for the amount necessary to cover the outstanding balance, and any excess amount goes to the original owner. Additionally, the winning bidder may receive the original contents of the unit, but there is no guarantee of what will be there.

Strategies to Avoid the Auction

To avoid the auction process and the associated fees, the following strategies are recommended:

Communicate with the Storage Facility: Contact the facility and discuss your situation. Many may offer temporary extensions or payment plans. Stay Informed: Regularly check your account and understand the terms of your lease agreement. Make Payments on Time: Prompt payment can prevent the buildup of additional fees and penalties. Seek Legal Advice: If you face significant financial difficulties, consult with a legal professional to understand your rights and options.

By taking these steps, you can ensure that your unit remains stored with your belongings and avoid the inconvenience and cost of an auction.

Conclusion

The process of understanding the auction timeline and the associated fees is crucial for anyone renting a storage unit from a public facility. By reviewing your lease agreement, staying informed, and taking proactive steps, you can avoid the auction process and keep your belongings safe and secure.