| CPC G06Q 30/08 (2013.01) [G06Q 50/16 (2013.01)] | 23 Claims |
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1. A method for conducting a sales process facilitated by a sales facilitator and in which a plurality of bidders submit bids for purchasing an item of real estate implemented via a computer system comprising a server computer having at least one processor connected, via a computer network, to a sales facilitator computing device and bidder computing devices and the processor configured to represent, to the computing devices, a website which conducts the sales process, and which displays a number of icons which are activable by the bidders via the bidder computing devices, the method comprising the steps of:
storing, by the sales facilitator, information relating to the item and to parameters for controlling the sales process including a cost of buying the item now, a reserve price, and a number of time periods;
starting a first countdown timer, by the processor, to measure a first particular period of time;
storing, by each of the bidders, information relating to the respective bidder and to terms of engagement proposed by the bidder and approved by the sales facilitator to enable the bidders to participate in the sales process wherein the terms of engagement include purchase terms relating to the item of real estate and determining a ranking value for each bidder based on a comparison of the purchase terms proposed by the bidder with pre-selected purchase terms approved by the sales facilitator;
displaying to each of the bidders, via the bidder devices, a first icon which is activable to allow each of the bidders to input a starting bid for purchasing the item;
displaying, once the first icon has been activated by any of the bidders, to each of the bidders, via the bidder devices, a second icon which is activable to allow one of the bidders to submit an improved bid which has the value of a bid increment added to the starting or the previously improved bid;
while the first particular period of time is less than a first period of time, iteratively repeating steps a) and b):
a) when the first particular period of time is less than a difference between the first and a second time period, then permitting any bidder to activate the second icon thereby allowing the bidder to improve their bid;
b) when the first particular period of time is less than a difference between the first and second time periods, impeding the bidders from activating the first icon;
starting a second countdown timer, by the processor, to measure a second particular period of time and iteratively performing the following step of:
displaying to each of the bidders via the bidder devices, a third icon which is activable to allow a particular bidder to improve their bid;
while the second particular period of time is less than a third period of time and the improved bid is less than the reserve price, permitting any bidder to activate the third icon to improve their bid;
resetting the second countdown timer to zero when any improved bid is greater than or equal to the reserve price and starting a third countdown timer, by the processor, to measure a third particular period of time, and, while the third particular period of time is less than a fourth period of time iteratively performing the step of:
permitting any bidder to activate the third icon to improve its previous bid;
determining which at least two bidders have the highest improved bids when compared to the other bidders;
determining which of the at least two bidders have a higher ranking value; and
selling the item to one of at least two bidders on the basis of the bidder's highest improved bids and ranking value.
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