Selling a unit piecemeal instead of a traditional auction

[Dan123]

Lately our auctions have not been settling at amounts that cover what is owed. We currently have a unit we think would also auction for lower than what is owed, however we recognize that some items could be sold individually on Ebay or to specific sellers and that would ultimately bring an overall higher return. Our NM lien law is not specific about what the owner is entitled to do in this situation. We have the patience to go through the unit and inventory / sell some of the items, but do not want to incur legal risk. Our lien law specifies public notice requirements and goes on to say "...The sale or disposition shall take place not sooner than fifteen days after the first publication". What is meant by 'or disposition?". If we publish the public notice as required are we then allowed to go ahead and sell them unit piecemeal as referenced above? Thanks

[MamaDuke]

I would contact your SSA or a storage attorney for your state. We definitely can't do that in CA, but I know other states could allow it. You want to be sure you do it all right.

[lady5563]

Your main objective is to get the delinquent uni tin question empty so that it can be rented again.

By selling items one at a time, is not productive.

Sell the unit as a whole- then the buyer cleans it out entirely and you would then be able to rent it again.

[Storman]

I agree with lady5563. Get the unit emptied and get back to the business you're in. If you get more than is owed, then you have the issue of keeping the overage for a period of time and trying to contact the tenant and let them know you have money for them.

If you consider the time it would take to sell things one at a time, and the rent lost on the occupied unit as you did so, it's a net loser. Get it empty at any cost and get it back online making money.

[lady5563]

I agree with lady5563. Get the unit emptied and get back to the business you're in. If you get more than is owed, then you have the issue of keeping the overage for a period of time and trying to contact the tenant and let them know you have money for them.

If you consider the time it would take to sell things one at a time, and the rent lost on the occupied unit as you did so, it's a net loser. Get it empty at any cost and get it back online making money.

For me the other issue is how many times will I have to touch these items?
LOL
Moving them around..taking pics...posting it somewhere online to sell...having weirdos email- call - come to my office to view and possibly buy ONE ITEM at a time...
That is a HARD PASS for me...well, actually it is a very EASY pass for ME!

HA HA HA

[teesee150]

What I've done in the past is just post the unit and then bid on it myself. If it doesn't go for enough then I own it and can do whatever I want at that point

[helenatim]

What I've done in the past is just post the unit and then bid on it myself. If it doesn't go for enough then I own it and can do whatever I want at that point

Not sure this method meets legal requirements in most states. You might want to check it.

[teesee150]

Not sure this method meets legal requirements in most states. You might want to check it.

If the unit is at public auction and I bid on it myself against any other bidders, why would that not satisfy the legal requirements? As long as any overages are paid to the tenant, what would the problem be?

[helenatim]

If the unit is at public auction and I bid on it myself against any other bidders, why would that not satisfy the legal requirements? As long as any overages are paid to the tenant, what would the problem be?

Not sure. I know I am locked out of bidding on my own auctions online but that might be the auction company not state law.