Responsive confidence scoring method for a proposed valuation of aproperty
First Claim
1. A method of computing a responsive confidence score in response to a suggested valuation of a subject property, using a computer system, comprising the steps of:
- inputting into the computer system identity data of the subject property;
inputting into the computer system the suggested valuation of the subject property; and
computing a responsive confidence score for the suggested valuation of the subject real property.
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Accused Products
Abstract
A method of computing a confidence score in response to a suggested valuation of a property such as a home or townhouse, using a computer system. A customer identifies a property and suggests its valuation to the computer system. Using an automated valuation model, the computer system computes an automated valuation of the property and an automated confidence score in that valuation. The computer system also computes a percentage difference between the automated valuation and the suggested valuation. With this difference and with the automated confidence score, the computer system consults a reference table from which it retrieves a responsive confidence score which is then reported to the customer. The computer system prepares the reference table using an algorithm based on an automated valuation model and historical sale price data.
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Citations
33 Claims
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1. A method of computing a responsive confidence score in response to a suggested valuation of a subject property, using a computer system, comprising the steps of:
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inputting into the computer system identity data of the subject property;
inputting into the computer system the suggested valuation of the subject property; and
computing a responsive confidence score for the suggested valuation of the subject real property. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A method of providing a responsive confidence score in response to a proposed valuation of a subject property, using a computer system, the method comprising the steps of:
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obtaining identifying information about the subject property;
obtaining a proposed valuation of the subject property;
providing a directive automated valuation and a directive automated confidence score for the subject property;
computing a valuation adjustment factor based on a percentage difference between said proposed valuation by said automated valuation; and
providing a responsive confidence score determined with reference to said valuation adjustment factor and said automated confidence score. - View Dependent Claims (27, 28, 29)
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30. A reference table for use in computing a responsive confidence score for a suggested valuation of a subject real property, said reference table being fixed on a tangible medium and computed by the following method:
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computing a plurality of directive confidence scores based on sales prices of a plurality of the previously sold properties;
computing adjusted confidence scores for suggested valuations which are different from the associative directive confidence scores; and
adjusting the table for monotonicity. - View Dependent Claims (31, 32, 33)
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Specification