Patent Number: 8,880,429

Title: System and method of auctioning a defaulted loan

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.

Inventors: Collett; Wayne Curtis (Los Angeles, CA), Zahler; Norman Alan (Vancouver, WA)

Assignee: Property Liquidators, LLC

International Classification: G06Q 40/00 (20120101)

Expiration Date: 2019-11-04 0:00:00