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The REO property we are buying has several junked autos. Since we are buying "as is", I'm assuming the owner-bank is not going to remove those, so we are thinking that we might sell them for parts, or give them to anyone who will come haul them away.
The question is: what about the titles to these vehicles? Have no idea who they "belong" to in terms of title, and while the VIN numbers would be a starting place, it would be a mess to try to track down the last owner and get title transferred and all that.
Do we need to be concerned about this, or can we just do with them as we please?
I really don't know. You might want to start by contacting a couple of junk yards, explain the situtation and ask them if they'd be interested in buying the junked cars when you close. It would also be a good idea to contact your locale dept. of motor vehicles ask them what is considered "junked" and if you need a VIN/title to sell a junked car.
many junkyards will take cars without titles. Are these sports cars? If so many people will take them without titles as well as they use them for racing only at the track, demolition derbys,..etc..
One is an old pickup truck, another is a sedan, and there is also the shell of a "rail-job" dragster (I think the roll cage, drivers seat, not sure what else).
The REO property we are buying has several junked autos. Since we are buying "as is", I'm assuming the owner-bank is not going to remove those, so we are thinking that we might sell them for parts, or give them to anyone who will come haul them away.
The question is: what about the titles to these vehicles? Have no idea who they "belong" to in terms of title, and while the VIN numbers would be a starting place, it would be a mess to try to track down the last owner and get title transferred and all that.
Do we need to be concerned about this, or can we just do with them as we please?
Due to legal title concerns I'd suggest that you insist that the owner-bank remove them prior to your taking possession.
One is an old pickup truck, another is a sedan, and there is also the shell of a "rail-job" dragster (I think the roll cage, drivers seat, not sure what else).
Then you might have a good chance of selling them or parting out. Though like mentioned i would do everything i could to get them off the property before you close. Worst case scenario these cars could be stolen and you might be in a big heap of trouble if that is the case.
The REO property we are buying has several junked autos. Since we are buying "as is", I'm assuming the owner-bank is not going to remove those, so we are thinking that we might sell them for parts, or give them to anyone who will come haul them away.
The question is: what about the titles to these vehicles? Have no idea who they "belong" to in terms of title, and while the VIN numbers would be a starting place, it would be a mess to try to track down the last owner and get title transferred and all that.
Do we need to be concerned about this, or can we just do with them as we please?
In Missouri the only time you need to worry about a title is if you are planning to license them. Otherwise it does not matter. If your state requires a title, most likely you can get a salvage or some type of title from the DMV for an abandoned vehicle. I'm sure you just fill out a form and pay a small (?) fee.
They could have been stolen at any time -- the house has been locked but the rest of the property totally unsecured since the former owners departed.
I believe the poster is saying that the vehicle may be stolen vehicles and if you resell stolen property that could cause you problems.
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