I would be worried. Could be a salvage or similar. Or could have come from a state that doesn't require titles. Ask if they have a bill of sale. Also check it on carfax.
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You can always research the VIN to determine the status of the vehicle and whether it is titled or not and who the last/current owner is. I did this on a Nova I was looking at several years back that had no title and lucky me, it came back stolen!
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You have to check your state laws. Some only require bill of sale and you can re-title it. Some others like Kentucky require a title and if it doesn't exist, good luck.
Theft recovery, rebuild, junked title etc... there's different reasons. Possibly a previous owner didn't want to pay taxes on it anymore and turned in the title. Vehicles like this are good either as trail only rigs or part outs. Good price for what it is.
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i'd say jump on it, by the time you finish with mods won't be much that hasn't been swapped anyway. you will do a full tune up on it and if the worst happens you could come real close to parting it out for what you have in it. barring it being a clean title.