Auction Processing

StoreLand18424

Hello,

 This is our first auction and I have never used sitelink before when processing one. Is there a special way to process the payment or do I just process the payment to the unit as if I was moving it out?

Thank you for your help.

Christina

AZStorageGuy

@StoreLand1842

If your company assesses a Public Sale Fee, you want to do that first in Edit Charges before you apply the payment.

Also, if the payment was enough to cover what was owed on the unit, SL will ask you if the "scheduled auction" should be cancelled.  Well, if you just had an auction and this unit was sold, the answer is NO!

I am also in the habit of NOT applying any of the payment to outstanding insurance premiums (if there are any) as that policy is now null and void (and was probably cancelled after 30 days--check terms and conditions with your tenant insurance provider).

After you've taken the payment and depending on how your company does things, you can move the now-former tenant out and tell the Exit Survey that the reason is the unit was sold at auction.  "Will they use storage again in the future?"  Not here they're not!

Check your state laws in Virginia for specifics on complying with their lien sale statutes.

Hope someone else here can add to this.  This is only my limited perspective. . .

StorageAuctions.com

I agree with the AZstorageGuy-   make sure you add ALL the fees your company allows-  post the amount collected and move them out.-  

If the sale price is more than the rents and fees you may be required to return the excess to the former tenant.  I read the statues posted on the SSA website for Va.  could not find the part about this but my recollections are that if they do not show up to claim their 'prize'  you are required to send the money's to the State Treasury - ( always a fun check to write) 

Orkocean

Don't forget adding in and paying sales tax for the states that require it.

Good to see you on here Storageauctions.com... Lonnie?  Met you at the Memphis SSA luncheon last fall, hope all your facilities made it through the storms ok.