Claims:We Claim:
1. A method performed by a computer for providing an on-line real estate auction service and an on-line property listing service, comprising the steps of:
a. registering, by the computer, a seller of a real estate property who is not represented by a third-party real estate agent;
b. receiving, by the computer, property description data items describing the real estate property
c. receiving by the computer a user instruction indicating that the property description data items are to be posted
d. posting by the computer the property description data items for viewing, responsive to the user instruction
e. receiving by the computer a user indication of a posting type as one of an on-line auctions, an on-line property listing, and a combination of both the on-line auction and the on-line property listing
f. determining by the computer a type of the posting based on the user indication of the posting type
g. responsive to the determination of the type of the posting as an on-line auction, providing by the computer at least a portion of the property description data items in connection with an on-line auction.
h. responsive to the determination of the type of the posting as an on-line property listing.
2. The method of claim 1, wherein the real estate auction system includes the login process , view forms process, about us process , FAQ's process , site map process , contact process , view auctions , register process, new user process, the bid process, what it costs process, property search process, bid on property process, post a property process, resources process, Inman real estate news articles, FAQ's and glossary terms processes, ZBA tips process, ZBA on-line store process, communications chat process, and ZBA classifieds process in memory area. Databases are also shown to reside in memory area.
, Description:Technical Field of the Invention
The present invention is generally related to internet commerce, and, more particularly, is related to a system and method for providing on-line auction of real estate.
Background of the Invention
Currently, most real estate auctions occur in person and typically are performed on the courthouse steps in the county in which the real estate being auctioned resides. Typically, the real estate up for auction is real estate that has been foreclosed upon by a lending institution. The problem is that, to execute current real estate auctions in person, there is a huge requirement for being at the auction at the right time and with the proven ability to submit a bid. Because these auctions must be scheduled, there typically is also the problem that they occur on a schedule that is setup in advance. Impromptu auctions are very hard to execute as it is quite difficult to provide adequate notice to all those parties that may wish to submit a bid.
Many auctions were used throughout the world in an on-site manner without any electronic addition. Furthermore, auctions were usually an absolute auction in which the highest bidder won no matter what the price. In some countries this is the standard method of selling real estate. But due to the inefficiency of having to be onsite and most bidding methods, raising a hand, it has not been suitable or accepted by most sellers. An absolute auction has a great risk of producing an undesirable low price. Some auctions use a reserve but on rare occasion since buyers have travelled to the location and a sell must happen. In an onsite auction there is a great deal of pressure and buyer’s remorse in making a wrong decision in the heat of the moment can occur.
Thus, a heretofore unaddressed need exists in the industry to address the deficiencies and inadequacies.

Object of the Invention
The object of the present invention provides a system and method for providing a real estate auction system.
Summary of the Invention
In architecture, the system includes a server device on a network comprising a means for posting a real estate property for auction, a means for acquiring a plurality of data items describing the real estate property for auction from a seller remote device, a means for making the real estate property available at auction to a bidder remote device; and a means for accepting a bid on the real estate property for auction from at least one potential buyer for a predetermined period. The present invention can also be viewed as a method for providing a real estate auction. In this regard, the method can be broadly summarized by the following steps: (1) posting a real estate property for auction; (2) acquiring a plurality of data items describing the real estate property for auction; (3) making the real estate property available at auction; and (4) accepting a bid on the real estate property for auction from at least one potential buyer for a predetermined period.
Other features and advantages of the present invention will become apparent to one with skill in the art upon examination of the following drawings and detailed description. It is intended that all such additional features and advantages be included herein within the scope of the present invention.
Brief description of Drawings:
FIGS. 1 are block diagrams of the real estate auction system and the components within the real estate auction system of the present invention.
Detailed Description of Invention:
The internet auction processes become a common method of both buying and selling many items and services in our economy today. The real estate auction system of the present invention uses these technologies and methods of the internet to operate a real estate auction business that lets consumers and professionals auction residential and commercial real estate over the internet in a professional and secure way.
This is important because the current real estate industry is facing a sea of changes and challenges. The Federal Reserve and the treasury departments are looking into proposals that would allow federally chartered banks to engage in real estate, brokerage and property management. The internet then would be allowing a large number of consumers to do many transactions themselves where they used to have to go through middlemen such as brokers and agents. Real estate brokers and agents will now be forced to use the internet and accept internet businesses and methods as a standard fair. The real estate auction system of the present invention is designed and built to be very easy to use for all users. The simple design allows for quick review and purchases of the real estate properties. Thus, buyers, sellers and investors will be able to utilize a simple, low cost solution for the real estate market.
The auction portion of the real estate auction system of the present invention is generally the preferred embodiment. However, there are alternative embodiments in the real estate auction system of the present invention that provides access to services such as appraisals, inspections, mortgages, insurance, and neighbourhood reports. This information may be obtained from related business partners and companies that have designed to allow interaction with the real estate auction system of the present invention.
As illustrated in FIGS. 1 are block diagrams of the real estate auction system and the components within the real estate auction system of the present invention. The real estate auction system includes the following processes: login process , view forms process , about us process, FAQ's process, site map process, contact process, view auctions, register process, new user process, the bid process, what it costs process, property search process, bid on property process, post a property process, resources process, Inman real estate—news articles, FAQ's and glossary terms processes and ZBA tips process ZBA on-line store process, communications chat process , and ZBA classifieds process in memory area. Databases are also shown to reside in memory area.