Process for automated real estate valuation
First Claim
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1. A method of determining an estimated value of a subject parcel of real estate, the method comprising the steps of:
- A. constructing a valuation model based on the attributes by means of statistical analysis of a database comprising records for individual parcels of real estate, wherein the records comprise attributes of the individual parcels and wherein the parcels are not owner-occupied residential real estate;
B. determining a sale condition score for the individual parcels, wherein the sale condition score is based on the statistical fit of an actual recorded sales price for the individual parcel to a sales price predicted by the valuation model based on the individual parcel attributes; and
, C. adding the sale condition to the attributes recorded for the respective individual parcels.
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Abstract
A real estate appraisal method wherein a database of enhanced records of properties in a the same territory as the subject property is used to derive market-driven value adjustment rates for property attributes and time differentials. The adjustment rates are applied to the properties in the database, the most similar comparable properties are selected on the basis of similarity in property attributes and the market value is then estimated from the selected most similar comparable properties. The resulting valuation is supportable by market conditions and can be printed on specified forms.
167 Citations
63 Claims
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1. A method of determining an estimated value of a subject parcel of real estate, the method comprising the steps of:
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A. constructing a valuation model based on the attributes by means of statistical analysis of a database comprising records for individual parcels of real estate, wherein the records comprise attributes of the individual parcels and wherein the parcels are not owner-occupied residential real estate;
B. determining a sale condition score for the individual parcels, wherein the sale condition score is based on the statistical fit of an actual recorded sales price for the individual parcel to a sales price predicted by the valuation model based on the individual parcel attributes; and
,C. adding the sale condition to the attributes recorded for the respective individual parcels. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 24, 25)
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23. The method of 22 wherein different levels of access are provided to the substitutions of 22.
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26. A method of determining an estimated value of a subject parcel of real estate, the method comprising the steps of:
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A. determining market derived attribute adjustment values by means of statistical analysis of a database comprising records for individual parcels of real estate, including the subject parcel, within a territory comprising the subject parcel, wherein the records comprise attributes of the individual parcels and wherein the parcels are not owner-occupied residential real estate; and
B. adjusting recorded actual sales prices for individual parcels by applying selected attribute adjustment values to the sales price, wherein the applied attribute adjustment values are selected based on a comparison of the attributes of the subject parcel and the attributes of the respective individual parcels. - View Dependent Claims (27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 44, 45)
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43. The method of 42 wherein different levels of access are provided to the substitutions of 42.
- 46. A method of determining an estimated value of a subject parcel of real estate, the method comprising the step of compiling a database comprising enhanced records for substantially all of individual parcels of real estate in a territory which comprises the subject parcel, wherein the enhanced records comprise recorded attributes and derived attributes of the individual parcels and wherein the parcels are not owner-occupied residential real estate.
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52. A method for preparing a database of enhanced records for individual parcels of real estate, wherein the parcels are not owner-occupied residential real estate, the method comprising the steps:
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A. identifying the individual parcels by the corresponding geocoding references;
B. correlating the individual parcels to their respective Census Tracts and Block Groups by means of the geocoding reference;
C. obtaining records for the individual parcels;
D. checking the records for errors and/or missing information;
E. correcting the records by replacing missing or incorrect values with statistically estimated values for the geographic area in which the respective individual parcels are located;
F. adding additional attributes to the records to create an enriched record file;
G. modeling the enriched record file to develop derived attributes for the individual parcels; and
H. adding the derived attributes to the records of the respective individual parcels. - View Dependent Claims (53, 54, 55, 58, 59, 60, 61)
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56. A method of determining the estimated value of a subject parcel of real estate, wherein the parcels are not owner-occupied residential real estate, the method comprising the steps of:
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A. providing a computer, wherein the computer is connected to at least one input device and at least one output device and is capable of accessing, reading and executing real estate valuation software;
B. inputing data comprising a unique location corresponding to the parcel into the computer;
C. executing the real estate valuation software program to obtain at least one result based on the input data, the result being in the form of an estimated value for the parcel; and
D. communicating the value of the parcel obtained in Step C by means of the output device, wherein the real estate valuation software comprises computer readable and executable instructions for performing at least the following functions;
(i) compiling a database of records of individual parcels comprising the subject parcel, wherein the records comprise attributes of the individual parcels;
(ii) assigning appropriate geocodes to the individual parcels;
(iii) correlating the subject parcel and the comparable properties to respective Census Tracts and Census Blocks by means of the respective geocodes;
(iv) modeling the database to determine market-driven attribute adjustment values;
(v) selecting the most similar comparable properties, wherein the comparable properties are individual parcels having attributes similar to the subject parcel; and
,(vi) calculating an estimated value of the parcel on the basis of the selected comparable properties.
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57. A real estate valuation apparatus comprising:
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A. A computer operatively connected to at least one input device and at least one output device, and B. at least one real estate valuation software program which executes at least the following functions;
(i) compiling a database of records of individual parcels of real estate comprising the subject parcel, wherein the records comprise attributes of the individual parcels and wherein the parcels are not owner-occupied residential real estate;
(ii) assigning appropriate geocodes to the individual parcels;
(iii) correlating the subject parcel and the comparable properties to respective Census Tracts and Census Blocks by means of the respective geocodes;
(iv) modeling the database to determine market-driven attribute adjustment values;
(v) selecting the most similar comparable properties, wherein the comparable properties are individual parcels having attributes similar to the subject parcel; and
,(vi) calculating an estimated value of the parcel on the basis of the selected comparable properties. wherein the computer has access to and can execute the software program.
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Specification