Sorry but what's up with the "no title" story on so many cars today? Not just the procar hobby but the hot rod community also.
I can understand the "barn find", "field find", but when I see a hot rod site with a 25k car and "no title" unless that is registered in a no title state I'd just walk away.
Formal (bank) or informal lien (I'll give you the title when you pay me off), died and the heirs cannot find the title, "jumped" title, bought it and lost the title, stolen, a bunch of ways to get burned.
I've cleared three vehicles without a title, two private sales in 1979 and 1994, one from a salvage yard in 1984. Still a risk in any case. Be sure to gamble with only the amount of money you can afford to lose.