SYSTEM AND METHOD OF AUCTIONING A DEFAULTED LOAN
First Claim
1. A system for auctioning a property, the system comprising:
- identifying property owners remotely connected to a computer network by utilizing a computer station whereby the property owners are willing to sell their property by an online auction;
providing a database to compile information on properties and property owners;
the database having at least contractual information whereby a property owner enters into contracts, the terms of which obligates them to complete sale of their respective properties;
the database containing information relating to at least a pre-arranged minimum auction price for each property that accounts for the property owner'"'"'s interest, attendant costs and fees;
conducting the on-line auction hosted by a remote server with a plurality of bidders for each property, whereby at the conclusion of the auction there is a winning bidder; and
ensuring transfer of funds from the winning bidder to the property owner.
3 Assignments
0 Petitions
Accused Products
Abstract
A method and system for conducting an online property auction whereby the system allows for identifying an owner of property willing to sell his property by an online auction, entering into a contract with the owner obligating him to complete the sales of his property conducted pursuant to terms of the contract; pre-arranging a minimum auction price for his property that accounts for the owner'"'"'s interest, plus costs and fees, conducting the on-line auction with a plurality of bidders for his property whereby at the on-line auction'"'"'s conclusion there is a winning bidder and ensuring the transfer of the winning bidder'"'"'s funds to the escrow holder.
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Citations
10 Claims
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1. A system for auctioning a property, the system comprising:
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identifying property owners remotely connected to a computer network by utilizing a computer station whereby the property owners are willing to sell their property by an online auction; providing a database to compile information on properties and property owners; the database having at least contractual information whereby a property owner enters into contracts, the terms of which obligates them to complete sale of their respective properties; the database containing information relating to at least a pre-arranged minimum auction price for each property that accounts for the property owner'"'"'s interest, attendant costs and fees; conducting the on-line auction hosted by a remote server with a plurality of bidders for each property, whereby at the conclusion of the auction there is a winning bidder; and ensuring transfer of funds from the winning bidder to the property owner. - View Dependent Claims (2, 3, 4)
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5. A method of auctioning a property, the method comprising the steps of:
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identifying property owners remotely connected to a computer network by utilizing a computer station whereby the property owners are willing to sell their property by an online auction; providing a database to compile information on properties and property owners; the database having at least contractual information, whereby a property owner enters into contracts and the terms of which obligates them to complete sale of their respective properties; the database further has relevant information relating to the property, including property information pricing and secured promissory note and related documents; limiting bidding to bidders who have proven sufficient resources to complete the transaction; conducting an auction for the secured promissory note whereby at the auction'"'"'s conclusion there is a winning bidder; arranging for the delivery of the original secured promissory note, its security instrument (trust deed or mortgage), the documentation supporting the value of security of the secured promissory note (appraisal), and evidence of ownership (title insurance) to a licensed escrow holder, who at the conclusion of said auction will deliver evidence of ownership of the original secured promissory note and related documents to the winning bidder and the appropriate proceeds to said note owner; and ensuring the transfer of the winning bidder'"'"'s purchase funds to the escrow holder.
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6. A method of doing business comprising the steps of:
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identifying property owners remotely connected to a computer network by utilizing a computer station whereby the property owners are willing to sell their property by an online auction; providing a database to compile information on properties and property owners; the database having at least contractual information whereby a property owner enters into contracts and which the terms obligates them to complete sale of their respective properties; said database having pre-determined information relating to a minimum auction price for their respective properties that accounts for interest of the respective owner'"'"'s, transaction costs and fees; conducting a plurality of on-line auctions for a plurality of properties with a plurality of bidders for the owners'"'"' properties. - View Dependent Claims (7, 8, 9, 10)
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Specification