Invented by Edwards; Jody, Donnell; James R., Elliott; Stacy

Welcome! Today, we’re taking a close look at an innovative patent application that’s set to change how real estate auctions work online. We’ll explore why this invention matters, what makes it different from what came before, and how the new system works. Whether you’re a buyer, seller, real estate professional, or just curious about new tech, you’ll find this guide easy to follow and full of useful insights.

Background and Market Context

The real estate market is always moving. People buy and sell homes every day, and auctions have been a part of this process for a long time. In the past, auctions happened in person. People would gather, raise their hands to bid, and the highest bidder would win. This worked, but not everyone could attend auctions, and sometimes things were confusing or unfair.

Then came online auctions. These made it possible for people to bid from their computers or phones. Still, the transition from old-fashioned in-person auctions to digital ones has not been perfect. Many online auction sites copy the old ways without fixing the problems. For example, some systems don’t make it easy for everyone to join; others are hard to use, or they don’t keep things fair and clear.

People want more from online auctions. Buyers wish for a smooth and friendly process. Sellers want more people to see their listings. Everyone wants to feel safe and know that their money is protected. There’s also growing interest in making these systems more inclusive, so no one is left out because of where they live or how much they know about technology.

Another big challenge is trust. Real estate deals involve a lot of money. Buyers want to know they’re getting what they pay for, and sellers want to know they’ll get paid. Escrow accounts are important for this, but not all online auction systems make it easy to use these safely.

In the real estate world, having all the costs laid out clearly is another major need. Many buyers get surprised by extra costs like taxes, insurance, or fees. People want to see the full price upfront, not just the winning bid.

Finally, there’s a desire to give back. Some companies and users want to help their communities by donating a part of the auction proceeds to charity. Adding this kind of feature can make the whole process feel more positive and meaningful.

In short, the market is hungry for an online auction system that’s modern, fair, easy to use, and safe. It needs to work for everyone, not just experts or people with special access. This is the world the new patent application aims to serve.

Scientific Rationale and Prior Art

To understand why this new invention matters, it helps to look at what’s already out there and why those systems fall short. For a long time, the main way to run an auction was face-to-face. That meant travel, paperwork, and a lot of time spent organizing the event. When online auctions appeared, they solved some of these problems, but not all of them.

Earlier online auction patents, like KR20100005447A, let people bid on properties over the internet. These systems made it possible to take part in auctions from far away. They also allowed for some real-time bidding. But, they did not solve every problem. For example, these earlier systems did not control who could join very well. This sometimes led to confusion or even unfair bidding. Also, the older systems did not make it easy to donate some of the proceeds to charity or manage all the payments in a clear, safe way.

One of the biggest issues with earlier auction systems is the lack of inclusivity. Not everyone could join in, and sometimes those with more experience or better internet connections had an advantage. There was also a lack of transparency about the final cost. Many buyers found out about extra fees only after they won, which led to frustration and mistrust.

Another area where older systems struggled was in keeping auctions lively and fair. If someone placed a bid at the last second, others didn’t have a chance to respond. This could make the auction feel rushed and left out those who wanted to keep bidding. What’s more, the payment and escrow process was often handled outside the platform, which was not always easy or safe.

The new patent tackles all these problems. It uses a ticket system to control access, so only those who have a ticket can bid. This keeps things organized and fair. It also introduces dynamic bidding. This means if someone bids right at the end, the auction gets extended, so everyone has a fair shot. Payments are managed through a secure system, with escrow built in, so both buyers and sellers can trust the process.

This patent also adds something new: the ability to donate a part of the auction proceeds to charity. This helps communities and makes the auction process feel more meaningful. Plus, the platform uses modern technology, like virtual reality for property tours, and real-time notifications using WebSockets, making everything smoother and more engaging.

The new invention stands out by combining these features into one easy-to-use platform. It’s designed to be safe, fair, and clear, and it brings real estate auctions into the modern age.

Invention Description and Key Innovations

Let’s break down how this new system works, and what makes it special. The platform is built around a few core ideas: easy sign-up, fair access, dynamic and engaging bidding, secure payments, and even a way to give back to the community.

Everything begins with the user interface. This is what people see when they visit the site. The interface is simple and friendly. New users can sign up, providing their personal and real estate information. Returning users can sign in. All this information is stored safely in a secure database.

Once inside, users can do several things. They can look at upcoming auctions, search for properties they’re interested in, or even create their own auction if they want to sell a property. To take part in a specific auction, users buy a ticket. This ticket system keeps things fair. Only people with a ticket can join the bidding, which helps prevent chaos and keeps the process organized.

Before the auction, users can join open houses. These can be in person or virtual. The virtual open houses are especially exciting. Thanks to virtual reality, users can walk through properties in 3D, from their own home. This makes it easier for people who live far away or can’t travel.

When the auction starts, things get lively. The bidding process is managed in real time. If someone places a bid at the very end, the auction doesn’t just stop. Instead, the system gives everyone more time to keep bidding. This is called dynamic bidding, and it helps make sure the auction is fair and exciting. Even if someone tries to sneak in a last-second bid, others can respond.

The platform also supports proxy bids. This means a user can set the highest amount they’re willing to pay, and the computer will bid for them up to that amount. This helps people who can’t watch the auction every second.

All updates happen right away. Thanks to WebSocket technology, bidders get real-time notifications, so everyone knows where things stand at every moment. When the auction ends, the winner is announced on the site, by email, and even publicly if they want.

Payment is handled through a secure system. The winner deposits their bid into an escrow account. This keeps the money safe until all the paperwork is done. The platform handles all the details, following real estate rules and making sure everything is clear and legal.

One more thing that makes this platform special is inclusive pricing. The price shown at the end includes everything: taxes, insurance, and fees. Buyers know exactly what they’ll pay, with no surprises. The platform even helps buyers get pre-qualified for mortgages, making the whole process smoother.

There’s also a community spirit built in. The platform can donate a portion of each auction’s proceeds to charity. This helps make the process feel positive and gives something back to the community.

Behind the scenes, everything is built with the latest technology. The user interface is made to work smoothly on any device, using tools like HTML5, CSS, and JavaScript. The platform also has strong data protection, with encryption and secure servers. All payments are handled by safe gateways, and every transaction is tracked and stored for safety.

Sellers get helpful tools to create detailed property listings, upload images and videos, and manage their auctions. Buyers can give feedback on their experience, and the platform uses analytics to keep improving. This means each auction gets better over time, as the system learns from what works best.

Overall, this new platform brings together everything buyers, sellers, and communities want from real estate auctions. It’s fair, clear, safe, and modern, and it makes the whole process easier and more enjoyable for everyone.

Conclusion

This new patent application marks a big step forward for real estate auctions. It solves old problems with modern solutions, making the process fair, safe, and easy to use. With features like ticket-based access, dynamic bidding, all-inclusive pricing, secure payments, virtual open houses, and community giving, this platform sets a new standard for online real estate sales. Whether you’re looking to buy or sell a property, or just want to stay ahead of the latest trends, keep an eye on this innovation—it’s shaping the future of how we buy and sell homes.

Click here https://ppubs.uspto.gov/pubwebapp/ and search 20250217876.