System and Method of Auctioning a Defaulted Loan

摘要

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.

主权项

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.