I will defer to your superior knowledge on the subject but I would still caution anyone buying a car at a sale like this to at least consider the possablility of other incuberances on the title. The IRS cannot issue titles. Only the States can. Although the IRS is legally obligated to notify others with an interest in the property they may not or they may just not research it properly enough to find all of the other parties with an interest. As always "Buyer Beware". Besides, if the State issues a title based on this auction it will say in some form of language that the issuance of the title is no guarantee that there are no security interests in the vehicle. This applies to ANY car titled after an auction. The best form of protection is a title search and knowing the chain-of-ownership. Not too long ago there was a big scandal in New York on Long Island. There was a Sheriff's sale of impounded cars. Many had loans or liens. When the new owners tried to title and register the cars the banks came foward and repossesed the cars. Everyone cried foul and the Sheriff's office had to reverse the sales and turn the cars over to the banks. Cars are a unique item in that they are titled like Real Estate. Transactions are recorded and are public record. I only mention this to warn of the possabilities in buying cars at an auction. --- In dmcnews@xxxxxxxxxxxxxxx, lordshill@xxxx wrote: > > > Dave... The IRS must list the senior lien holders to the public. The > Federal Tax Lien sale will extinguish any junior lien holder. In this particular > case the only creditor listed is the IRS. The form that the IRS issues would > have listed both senior and junior lien in addition to the Federal Tax liens. > In fact the IRS is required to notify both junior and senior creditors. In > this particular case there are none. How a Federal Tax Lien competes with > various forms of creditor filings (UCC-1; Judgements;Liens etc) depends upon > the property in question. I taught Federal Tax law for years while employed > by the IRS and it is a difficult subject to understand. In this case > (Delorean; Bentley; etc) the winner of the auction will be receiving a certificate of > sale that can be used to secure a clean title upon registration of the > vehicle. > > Roy > 0893 > > > In a message dated 11/23/2005 10:53:50 A.M. Eastern Standard Time, > jtrealty@xxxx writes: > > When you buy a car at an auction like this it is up to the bidder to > know (or assume) any liens or encumberances that may or may not be on > the title of these cars. The only thing the IRS can say is that THEY > (the IRS) no longer have any claim on the title. As many of you may > know the IRS can come before any other claims like a bank so if you > bid on any of these cars be warned that before you will be able to > title and register any of these cars you may have to satisfy a loan or > a lien. If you do not you may find that the car will be repossesed by > a bank. > David Teitelbaum > vin 10757 > > > > > > [Non-text portions of this message have been removed] > To address comments privately to the moderating team, please address: moderators@xxxxxxxxxxx For more info on the list, tech articles, cars for sale see www.dmcnews.com To search the archives or view files, log in at http://groups.yahoo.com/group/dmcnews Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/dmcnews/ <*> To unsubscribe from this group, send an email to: dmcnews-unsubscribe@xxxxxxxxxxxxxxx <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/