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AssigneeNone recorded
InventorsJames Christopher Foretich, Mani Young, William Glen Smith, Elizabeth Arnold Eisworth
Estimating the term…
A system is provided such that automated real property valuation may be achieved accurately, rapidly, objectively and consistently. The application accepts information associated with a subject property, such as the street address, and then locates that property in an associated database. Following that, the application computes a valuation for the subject property based upon comparable properties, prior sales history and other factors and data inputs. The system of the present invention accesses databases as necessary for comparable data and automatically and systematically determines the most appropriate comparables to use in arriving at a valuation. Additionally, the system may be customized by various users such that the valuation process may be undertaken in connection with pre-determined criteria such as the number of comparables to use, the maximum acceptable adjustment and other user defined criteria.
A method for determining a valuation for a subject real property comprising the steps of:
A real property valuation system comprising;
Dependencies are inferred from the claim text.
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Commerce: marketing; Price estimation or determination; Fundraising
Marketing; Price estimation or determination; Fundraising: price estimation or determination
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial
Term end not estimated
The present invention relates generally to systems and methodologies for processing data associated with real estate related transactions and more particularly to a system and method for determining the value of real estate.
The real estate industry represents one of the most broad reaching and diverse industries in existence. Millions of people are involved in businesses that relate in some way to the purchase, sale and/or financing of real properties and countless numbers of transactions occur all over the world every day. Each of these transactions typically involves a large amount of data which needs to be collected, processed, reviewed, verified and used in connection with the effectuation and closing of the particular transaction.
As is the case with many other industries that involve vast amounts of data and the processing thereof, computer systems and software have been deployed to a large degree within the real estate industry. Innumerable software applications and systems have been made available for use by individuals and companies which are involved in all facets of the real estate business and businesses which support real estate related transactions.
FIG. 1 is a diagram illustrating the system of the present invention in one preferred computing environment;
FIG. 2 is a flowchart illustrating, at a high level, the overall process employed by the system of the present invention in connection with arriving at a valuation for a specific property;
FIG. 3 is a user input screen detailing an exemplary user interface for receiving information from a user prior to performing a valuation;
FIG. 1 is a diagram illustrating the components of the present invention in one possible configuration. According to the teachings of the present invention, the methodologies may be practiced by implementing the system of the present invention using computer software in one of a variety of computing platforms and environments. In the FIG. 1 example, users at computers 10 and 20 may access the functionality of the present invention via communication links 15. Computers 10 and 20 may be personal computers, dumb terminals or any other device capable of electronically communicating, accepting input from a user and/or providing output to a user. As will be immediately recognized by one of skill in the art, there may be many more than two computers which provide user access points into the system. Communication links 15 may represent internet service provider (ISP) access to internet 50. Server 90 may communicate through internet 50 by virtue of communications link 55.
In one preferred embodiment of the present invention, a software application which performs the valuation function according to the methodologies discussed herein is resident on server 90. Server 90 may be a personal computer or any other computing platform capable of executing software code. According to the teachings of the present invention, various databases are employed in connection with the storage and retrieval of data which is employed in the valuation process. These databases may include local databases 60 and external databases 70. Local databases 60 may be implemented through a database application and data may be stored either immediately on a hard drive or some other storage device associated with server 90 or local databases 60 may be a separately accessible and/or physically remote device. In any event, if necessary, communication lines 65 permit data exchange between local databases 60 and the software applications running on server 90. Of course, the system of the present invention may include multiple local databases which may be implemented in various manners and in various combinations.
External databases 70 may, in fact be multiple databases which make available various classes of data to the software application which implements the methodologies of the present invention. External databases 70 may be vendor or third party databases which contain data useful or necessary in connection with the valuation process. For example, various Multiple Listing Service(MLS) databases may comprise external databases 70 such that data available through such databases may be made available to the software application via a communication link 75. In addition to MLS databases, other databases, such as public record databases or any other database offering information which may be helpful in the valuation process according to the teachings of the present invention, may also be incorporated into the system of the present invention.