# US 8,788,385 B2 · System and method of auctioning a defaulted loan

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- Number: US 8,788,385 B2
- Document ID: US8788385B2
- Status: Granted
- Kind: B2
- Application number: 13/550,434
- Filed: 2012-07-16
- Published: 2012-11-08
- Granted: 2014-07-22
- Earliest claimed: 2007-07-10
- Assignees: Property Liquidators LLC
- Applicants: Wayne Curtis Collett; Norman Alan Zahler
- Inventors: Wayne Curtis Collett; Norman Alan Zahler
- Web page: https://patentgrep.com/patent/US8788385B2

## CPC

- G06Q 30/08: Auctions
- G06Q 40/02: Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03)
- G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
- G06Q 50/16: Real estate
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## 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.

## Claims

### Claim 1

A method of auctioning a property, the method comprising the steps of:
identifying, by the processor, 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, by the processor, 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, by the processor, 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, by the processor, 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, by the processor, the transfer of the winning bidder's purchase funds to the escrow holder.

### Claim 2 (depends on 1)

The method of claim 1, further comprising pre-arranging a minimum auction price for at least one of the identified owner's properties.

### Claim 3 (depends on 1)

The method of claim 1, further comprising conducting an additional auction for an additional property.

### Claim 4 (depends on 1)

The method of claim 1, wherein the auction comprises an on-line auction.

### Claim 5 (depends on 1)

The method of claim 1, further comprising identifying an individual seller, providing the database with information on a property of the individual seller, and providing the database with information on the individual seller.