Method of doing business for auctioning a defaulted loan
AssigneeProperty Liquidators LLC
InventorsWayne Curtis Collett, Norman Alan Zahler
Life of this patent
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Abstract
A method of doing business includes 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.
Claims10
A method of doing business comprising the steps of:
- a. identifying property owners willing to sell their property by an online auction;
- b. entering the property owners into contracts, the terms of which obligates them to complete sale of their respective properties;
- c. pre-arranging a minimum auction price for each property that accounts for the property owner's interest, attendant costs and fees;
- d. conducting the on-line auction with a plurality of bidders for each property, whereby at the conclusion of the auction there is a winning bidder;
- and
- h. ensuring transfer of funds from the winning bidder to the property owner.
A method doing business comprising the steps of:
- a. identifying owners of secured promissory notes willing to sell their secured promissory notes by an online auction;
- b. entering said owners into a contract, the terms of which obligates them to complete the sales of their respective secured promissory notes;
- c. pre-arranging a minimum auction price for the secured promissory note that accounts for the secured promissory note owner's interest and contracted costs and fees;
- d. placing on the auction portal relevant information about the secured promissory note and related documents;
- e. limiting bidding to bidders who have proven sufficient resources to complete the transaction;
- f. conducting an auction for the secured promissory note whereby at the auction's conclusion there is a winning bidder;
- g. 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
- h. ensuring the transfer of the winning bidder's purchase funds to the escrow holder.
A method of doing business comprising the steps of:
- a. identifying a plurality of owners of a plurality of properties, each of which being willing to sell at least one of their respective properties via online auction;
- b. entering into contracts with the plurality of owners obligating them to complete the sales of their respective property's conducted pursuant to the contracts' terms;
- c. pre-arranging a minimum auction price for their respective properties that accounts for interest of the respective owner's, transaction costs and fees;
- d. conducting a plurality of on-line auctions for a plurality of properties with a plurality of bidders for the owners' properties.
Dependencies are inferred from the claim text.