Patent ID: 8862510
Filing Date: 2014-10-14
Classification: G06Q

Abstract:
1. A method of doing business comprising the steps of: identifying, by the processor, property owners willing to sell their property by an online auction; entering the property owners into contracts, the terms of which obligates them to complete sale of their respective properties; providing, by the processor, a database within a computerized device to compile information on properties and property owners; pre-arranging a minimum auction price for each property that comprises property owner's interest, and fees; providing contractual information, whereby a property owner enters into contracts and the terms of which obligates them to complete sale of their respective properties; conducting the on-line auction with a plurality of bidders for each property, whereby at conclusion of the auction there is a winning bidder; arranging, by the processor, for the delivery of an original secured promissory note to a licensed escrow holder, who at conclusion of said auction will deliver documents to the winning bidder and proceeds from the online auction sale to a note owner; and ensuring, by the processor, transfer of funds from the winning bidder to the property owners.