SYSTEM AND METHOD FOR GENERATING AND SUBMITTING A BID REPORT FOR A SHORT SALE AUCTION
A method and system for triggering a short sale auction upon the event of the short sale offer for an item and generating a bid report corresponding to the auction. Examples may include a report generator configured to analyze auction data and generate a bid report accordingly. The report generator may further be configured to submit the bid report to a lienholder of the item. Further variations may include an extension component configured to extend the auction period upon the occurrence of an event.
1 . A system comprising:
one or more servers to provide, via a network, an auction forum interface including one or more listed auctions, the one or more listed auctions including a short sale auction; and
one or more processors to process auction data from the short sale auction and generate a bid report, the short sale auction having an auction period and including a short sale item having an owner, the one or more processors further configured to submit the bid report corresponding to the short sale auction to a lienholder of the short sale item.
2 . The system of claim 1 , wherein the short sale auction is triggered by a short sale offer for the short sale item by a prospective buyer, the short sale offer being made to the lienholder, the lienholder being communicatively linked to the auction forum interface.
3 . The system of claim 1 , wherein the bid report includes bidding activity for the short sale auction.
4 . The system of claim 1 , wherein the one or more processors are configured to extend the auction period upon the occurrence of one or more events.
5 . The system of claim 4 , wherein the one or more events include a bid being placed by a bidder during the short sale auction.
6 . The system of claim 2 , wherein the one or more servers are configured to set a reserve price for the short sale item prior to the short sale auction, the reserve price being equated with a value for the short sale offer.
7 . The system of claim 6 , wherein during the short sale auction, the one or more servers are configured to place one or more bids up to the reserve price on behalf of one or more of (i) the owner of the short sale item, (ii) the lienholder of the short sale item, or (iii) an auction forum associated with the auction forum interface.
8 . The system of claim 2 , wherein the auction forum interface includes a short sale interface to receive the short sale offer.
9 . The system of claim 8 , wherein the short sale interface is configured to trigger the short sale auction upon receiving the short sale offer.
10 . A computer-implemented method for generating a bid report, the method being performed by one or more processors and comprising:
generating an auction forum interface including one or more listed auctions, the auction forum interface including a short sale interface to enable users to submit offers for short sale items;
in response to receiving a short sale offer for a short sale item, triggering a short sale auction for the short sale item, the short sale auction having an auction period;
generating a bid report comprising bidding activity associated with the short sale auction; and
submitting the bid report to a lienholder of the short sale item.
11 . The method of claim 10 , further comprising extending the auction period for the short sale auction upon the occurrence of one or more events.
12 . The method of claim 11 , wherein the one or more events include a bid being placed by a bidder during the short sale auction.
13 . The method of claim 10 , further comprising placing bids on the short sale item up to a reserve price on behalf of one or more of (i) the owner of the short sale item, (ii) a lienholder of the short sale item, or (iii) an auction forum associated with the auction forum interface.
14 . The method of claim 10 , wherein the one or more processors are configured to set a reserve price for the short sale item prior to the short sale auction, the reserve price being equated with a value for the short sale offer.
15 . The method of claim 10 , wherein the short sale auction is triggered by a short sale offer made by a prospective buyer to a lienholder of the short sale item, the lienholder being communicatively linked to the auction forum interface.
16 . The method of claim 15 , wherein the short sale offer is submitted over a short sale interface linked to the auction forum interface.
17 . A non-transitory computer-readable medium storing instructions, that when executed by one or more processors, cause the one or more processors to perform operations comprising:
generating an auction forum interface including one or more listed auctions, the auction forum interface including a short sale interface to enable users to submit offers for short sale items;
in response to receiving a short sale offer for a short sale item, triggering a short sale auction having an auction period for the short sale item;
after completion of the auction period, generating a bid report comprising bidding activity associated with the short sale auction; and
submitting the bid report to a lienholder of the short sale item.
18 . The non-transitory computer readable medium of claim 17 , wherein the one or more processors perform operations further comprising placing robo-bids up to a reserve price for the short sale item on behalf of one or more of (i) an owner of the short sale item, (ii) the lienholder of the short sale item, or (iii) an auction forum upon which the short sale auction takes place, wherein the reserve price is set to a value of the short sale offer.
19 . The non-transitory computer readable medium of claim 18 , wherein generating the bid report includes stripping all robo-bids from the bidding activity such that the bid report only includes bidding activity associated with prospective buyers.
20 . The non-transitory computer readable medium of claim 17 , wherein the one or more processors perform operations further comprising extending the auction period upon the occurrence of one or more events.