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yes, that's a concern but it can be easily checked with the vin #. There can be many reasons why he doesn't have the title, it doen't necessarily mean the bike is "hot" but like you said it raises a flag and has to be checked, so anyone should approach it with caution. Still, it could be a good buy for someone.
 
Interesting, in IL there is no such law (at least that I'm aware of). Actually you can find quite a few ads with no titles, mostly for parts bikes but sometimes you can get a good working bike that way. My first bike I got in high school was 78 yamaha special I got with no title, applied for a duplicate and was able to get it. The story was that the original owner passed away and his son couldn't find the title anywhere, I forgot exactly what paperwork had to be filled out because it was so long ago but in the end I got it titled and registered with no problem.
 
You can sell them in Florida. There is a bill of sale form that can be used in place of the title. The buyer can apply for a salvage title I believe. Requires inspection. VIN must also check out to not be stolen..
 
Yes it does look clean. Now we can see what is fair market value of a 1985 early serial# bike in stock shape & not ragged-out. My pediction: not much difference from any other older VMax. I believe to have significant value it would have to have been owned by someone famous on the title or be a magazine test bike, documented as such, & we already know where the Gleason bike is.
 
My guess is it'll go for around a grand. Too many unknowns and risks.

Chances are it needs a full carb rebuild, new battery, new tires at the absolute minimum. Wouldn't be surprised if it had electrical/charging problems, leaky fork seals, or really horrible brakes.

Of course, there is the chance it was suddenly parked and abandoned because 2nd gear blew out. No way to test without getting it running strong. Big risk there.
 
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