Self-Storage Auctions/car purchased at storage auction before lien sale cleared
I recently bought a truck at a storage auction it was a 10 day hold due to lean paperwork not ready but I paid for it then. when I went to pick it up after the 10 days I was told that the paperwork was submitted wrong and had to be refiled what happens if the lien paperwork doesn't clear ? Was told it would take 3 weeks. Thank you. Got a steal on it don't want my money back!
In most / All states a lien check is required by state law on all titled or registered vehicles or other items. There are some storage companies that try to sell titled / registered items with out a lien check by saying they (the Items) Sell for parts only (Not True)and the buyers will have a real hard time getting a title if at all. This is one of the most important part of selling these type of items. Storage companies should wait and have the lien check in hand before selling item. Depending on the state which You didn't say could take even longer. Keep in mind if the check isn't done right even if it comes back with not lien it could be titled as a salvage titled item. States like Ohio even if the lien checks come back with No Lien the storage company has to have the state issue a title which could involve extra cost a work to get a title. Make SURE the storage company does the lien Check and gives you a Title. Getting the title is Important. They the STORAGE Company needs to have the paper work from the state for the title NOT Just A Lien check.
If there is a lien on the vehicle the lien holder can pay the storage lien and take the vehicle but only the vehicle.
When we have a titled or registered item we do the lien checks before and wouldn't sell a item without doing the check. The next thing the storage shouldn't have had you pay without giving you a title.
You said you want the truck and I hope it works out for you BUT just make sure the storage company gives you a title sheet that you can go down to the Secretary of State and have the vehicle put in your name.
I hope I answered your questions.