Are auctions open for being sued?

[4RE KLR]

yes, however if the broker misrepresented the value of the property then they have in fact "placed value" on the property and are therefore liable for the misleading information. That is they have breached the confines of the arms length transaction.

The brokers are not appraisers, in most cases appraisers. Yes, I know some are but most are not. But when they set a value they are responsible for being able to support that estimate.

Now does that mean if the value changes after that date they are liable. No they are not. Appraiser's determine value on that day at that given time. Any market fluctuations that may take effect after that date are not the responsibility of the appraiser nor the broker.

[427sharpe]

Having sold 3 cars thru B-J over the years, the riders attached to the contracts are like encyclopedias. One of them says basically that B-J will perform to the best of their ability but cannot assure that cars are not misrepresented or over valued at time of sale. It puts the onus on the seller to prove provenance and the buyer to do adequate homework. B-J has been around a long time, and been sued a few times. I am sure that they have done their homework to insulate themselves from a litigious buyers remorse. If you recall, last year somebody was going ape caca over their car getting hammered early...went to court...lost due to taglines in the contract. I would be more interested in seeing how many cars are 'shilled' to fan publicity flames and whether B-J has prior knowledge of same.

[walsh]

I am a realtor inCanada.Here in the sale of a house you can be a sellers or buyers agent representing either one,however you can represent both and in this case you are called a dual agent. In this case you must be extremly carefull to be fair to both otherwise you could be sued for misrepresentaion.The seller pays the commission but an agreement is singed so that the sellers agent gets half the commission.Here you can suggest the market value but you would foolish to gaurantee it as this could again be called misrepresentation. Lots of agents get sued for this and its not funny ,even if you win you lose.

I watched the BARRETT jACKSON auction and heard the comments stating that this so called car was worth 1 million when actually it sold for 600,000. MARKET VALUE IS DEFINED AS THE VALUE A PROPERTY OR CAR A TYPICAL SELLER WILL SELL AND A TYPICAL BUYER WILL BUY NIETHER BEING UNDER ABNORMAL STRESS. I my business the car is worth only what someone will pay for it simple as that. What happens after that is the buyers problemas I didn't anything about warranties.

My guess is that selling cars does not fall under the same rules as say the real estate business and in that case BUYER BE WARE