[DML] Re: Cars at IRS Auction
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[DML] Re: Cars at IRS Auction

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

-- In dmcnews@xxxxxxxxxxxxxxx, "patmolamphy" <patmolamphy@xxxx> wrote:
> Hi, I posted the original info for these items, and watch these 
> auctions religiously.  I have mainly bought stock and real estate from 
> the IRS, but never a vehicle.
> Most of the time, the real estate goes for fair marktet value, 
> sometimes a discount.  The stock usually sells at a 3% Discount to 
> FMV.  From what I have heard, cars and equipment usually sell for 
> wholesale, but collector cars may be different.  Look at the post from 
> the former IRS agent, he knows the ropes.  
> Make sure you know about any prior encumberances on the titles that 
> may be superior to the US.
> Good Luck
> Pat Molamphy
> #5252

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