Method of establishing an insurable value estimate for a real estate property
First Claim
1. A method for establishing an insurable estimate of the value of a subject real estate property, comprising the steps of:
- identifying known data concerning the subject property;
determining whether the known data is sufficient to allow an automated valuation model to return a provisional value estimate for the subject property;
in the event that the known data is not sufficient, then performing research required to identify sufficient known data and to identify relevant comparable properties, sufficient to enable the automated valuation model to return a reliable value estimate; and
validating the value estimate by physically examining the subject property.
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Accused Products
Abstract
A method of providing a real estate property value estimate for a subject property through the use of an automated value model, where the method comprises: identifying known data concerning the subject property, determining whether the known data is sufficient to allow an automated valuation model to return a provisional value estimate for the subject property, in the event that the known data is not sufficient, then performing research required to identify sufficient known data and to identify relevant comparable properties, sufficient to enable the automated valuation model to return a reliable value estimate, and validating the existence of the subject property by physically examining it via an inspection.
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Citations
21 Claims
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1. A method for establishing an insurable estimate of the value of a subject real estate property, comprising the steps of:
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identifying known data concerning the subject property;
determining whether the known data is sufficient to allow an automated valuation model to return a provisional value estimate for the subject property;
in the event that the known data is not sufficient, then performing research required to identify sufficient known data and to identify relevant comparable properties, sufficient to enable the automated valuation model to return a reliable value estimate; and
validating the value estimate by physically examining the subject property. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of providing a real estate property value estimate for a subject property through the use of an automated value model, said method comprising:
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a) identifying known data concerning the subject property;
b) performing a desktop AVM evaluation of the subject property by searching electronic databases to collect data regarding the subject property;
c) preparing a validating report including performing a drive-by inspection to collect data regarding the subject property;
d) running an automated value model to generate a real estate property value estimate for the subject property. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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Specification