System and method for providing bidding on real estate among previously identified parties.

• US 20070078747A1
• Filed: 09/28/2005
• Published: 04/05/2007
• Est. Priority Date: 09/28/2005
• Status: Abandoned Application

• Current Assignee: James Baack
• Original Assignee: James Baack
• Inventors: Baack, James
• Application Number:
  US11/162,902
• Publication Number:
  US 20070078747A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for providing bidding on real estate among previously identified parties. The system includes one or more servers storing and providing information about the real estate to be bid on; one or more means to invite pre-identified potential bidders to bid on each piece of real estate; one or more means for only those invited bidders to connect to the system and submit bids; and a series of rules to determine the preferred bid from amongst those submitted. The method operates by providing a way for properties to be submitted to be bid upon, specifically inviting known bidders to bid on each piece of real estate, allowing only those bidders to communicate their bids, accepting bids during the defined bidding period and determining a preferential ordering of the received bids.

Claims

1. A method for providing a real estate bidding system where each potential buyer is specifically invited by the seller to participate in bidding, comprising the steps of:

posting a real estate property for bidding;

inviting one or more potential bidders known or thought by the seller to be interested in the property to participate in the bidding;

provide one or more methods for only these invited bidders to communicate their bids;

accept bids from one or more bidders during a defined bidding period; and

to determine from amongst the received bids a priority ordering that identifies the winning bidder.

2. The method of claim 1, further comprising the step of:

providing the seller one or more methods for adjusting the relative valuations of received bids based on the previously submitted purchase conditions submitted by the corresponding bidders.

3. The method of claim 1, further comprising the step of:

providing bidding rules, or algorithms, that differ from standard auction rules to provide a bidding process that is specifically customized for more effective bidding on real estate.

4. The method of claim 1, further comprising the step of:

after the conclusion of the bidding, providing a report detailing the bidding process, including each and every bid, making possible the auditing of the bidding process by the seller and each bidder.

5. A system for providing a real estate bidding system where each potential buyer is specifically invited by the seller to participate in bidding, comprising:

means for posting a real estate property for bidding;

means for inviting one or more potential bidders known or thought by the seller to be interested in the property to participate in the bidding;

means for providing one or more methods for only these invited bidders to connect to the bidding system;

means for accepting bids from one or more bidders during a defined bidding period; and

means for determining from amongst the received bids a priority ordering that identifies the winning bidder.

6. The system of claim 5, further comprising:

means for providing the seller one or more methods for adjusting the relative valuations of received bids based on the previously submitted purchase conditions submitted by the corresponding bidders.

7. The system of claim 5, further comprising:

means for providing bidding rules, or algorithms, that differ from standard auction rules to provide a bidding process that is specifically customized for more effective bidding on real estate.

8. The system of claim 5, further comprising:

means for, after the conclusion of the bidding, providing a report detailing the bidding process, including each and every bid, making possible the auditing of the bidding process by the seller and each bidder.