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Foreclosures Lead To Storage Unit Auctions

POSTED: Tuesday, July 22, 2008
UPDATED: 7:12 pm EDT July 22, 2008

Once prized possessions and personal mementos were sold to strangers Tuesday during an unusual auction.

"Sad thing is you get somebody's family photos like their kids, baby pictures, or their wedding pictures," said Matt Filarski, who attended the auction.

Filarski was among about a dozen people attending an auction at a metro Detroit storage company.

According to auctioneer Wayne Blair, several storage companies hold auctions if the customer is unable to pay the storage bill.

Blair said it's happening more often because of the increase in home foreclosures. As families move out of their homes, Blair explained, they rely on storage units to house their belongings. However, those same people then fall behind and are unable to pay their storage bill.

Blair explained that most companies give storage customers a 30-day grace period. When there is an auction, potential buyers are given a quick, one-time look inside the storage unit, then the door is closed and the bidding begins.

"These are family heirlooms people are losing," Filarski said.

One auctioneer said his business at storage units has risen 25 percent over the past year.

"There are a lot of people, due to the economy, taking off," Blair said.

Tuesday, one man paid $650 for the contents of a unit, which turned out to be mostly household items, including several pieces of furniture.

In another auction, an electrician paid $50 for a unit that was full of office material.

"The economy is slow in Michigan. It's a lot harder to get electrical jobs," said Aaron Cyrkiel. "I"m trying to make money any way I can."

Cyrkiel said he doesn't like taking advantage of someone else's misfortune but added, "You gotta do what you gotta do."

In Cyrkiel's case, the auction risk was worth it: He estimates he can sell the $50 worth of material for over $1,000 from just the scrap metal alone.
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