ADDRESS BASED PARAMETER ESTIMATION

• US 20200134756A1
• Filed: 10/31/2018
• Published: 04/30/2020
• Est. Priority Date: 10/31/2018
• Status: Active Grant

• Current Assignee: Opendoor Labs Inc.
• Original Assignee: Opendoor Labs Inc.
• Inventors: Burns, Simon, Dong, Wenyang, Chu, Jonathan E., Bhandari, Mamta, Allsopp, Charles Clayton
• Granted Patent: US 11,094,024 B2
• Time in Patent Office: Days
• CPC Class Codes: G06F 16/29 Geographical information databases
• CPC Class Codes: G06F 16/9537 Spatial or temporal dependent retrieval, e.g. spatiotemporal queries
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/167 Closing

Abstract

Systems and methods are disclosed for receiving, from a client device, a first input that provides a current address associated with a user; receiving, from the client device, a second user input that identifies a target location; and searching a real-estate database to identify a real-estate property associated with the current address. The systems and methods further provide for estimating equity associated with the real-estate property, updating parameters of a loan model based on the target location and the estimated equity, and providing an output of the model for presentation to the user based on the updated parameters.

Claims

1. A computer-implemented method comprising:

receiving, from a client device, a first input that provides a current address associated with a user;

receiving, from the client device, a second input that identifies a target location;

searching a real-estate database to identify a real-estate property associated with the current address;

estimating equity associated with the real-estate property based on a comparison of a current value of the identified real-estate property with a historical value of the identified real-estate property;

updating at least a loan amount parameter of a loan model based on the target location and the estimated equity, the loan model being configured to compute a cost for a loan based on one or more real-estate property costs and the loan amount parameter;

generating an output of the loan model representing the cost for the loan based on the updated loan amount parameter and the one or more real-estate property costs; and

providing to the client device the generated output of the loan model for presentation to the user.

2. The method of claim 1, wherein estimating the equity comprises estimating the current value of the real-estate property.

3. The method of claim 2 further comprising identifying a purchase event associated with the real-estate property indicating a last sale price of the real-estate property.

4. The method of claim 3, wherein the equity is based on a difference between the current value and the last sale price.

5. The method of claim 1, wherein estimating the equity comprises:

identifying a date corresponding to a last purchase event of the real-estate property;

computing a time interval between the identified date and a current date;

determining a last sale price of the real-estate property;

determining an average appreciation amount associated with a location corresponding to the current address; and

determining the equity as a function of the last sale price, the time interval, and the average appreciation amount.

6. The method of claim 5, wherein determining the last sale price comprises:

determining a characteristic of the real-estate property;

determining an average value of real-estate properties associated with the characteristic on the identified date; and

setting the last sale price based on the determined average value.

7. The method of claim 5 further comprising:

determining an average borrowing parameter associated with the location on the identified date; and

decrementing the determined equity based on the average borrowing parameter.

8. The method of claim 1 further comprising:

determining at least one of an average real-estate property price for the target location, an average insurance parameter for the target location, a tax parameter for the target location, or a real-estate association parameter associated with the target location; and

wherein updating model parameters of the loan model based on the target location comprises updating the model parameters based on the determined at least one of the average real-estate property price for the target location, the average insurance parameter for the target location, the tax parameter for the target location, or the real-estate association parameter associated with the target location.

9. The method of claim 8 further comprising accessing at least one of a database that associates tax parameters with different locations to determine the tax parameter for the target location or a database that associates insurance parameters with the different locations to determine the average insurance parameter for the target location.

10. The method of claim 1 further comprising:

receiving a third input requesting an automated purchase offer for the real-estate property associated with the current address.

11. The method of claim 10 further comprising presenting an automated purchase option in a graphical user interface concurrently with a representation of the generated output of the loan model, wherein the third input is received upon selection of the automated purchase option.

12. The method of claim 10 further comprising:

computing a value of the real-estate property;

generating a purchase offer based on the computed value; and

transmitting a notification to the client device after the purchase offer is generated, wherein the notification includes the purchase offer and the generated output of the model.

13. The method of claim 12, wherein the notification is transmitted at least 24 hours after the third input was received.

14. The method of claim 1 further comprising receiving a third input that selects a loan model from a plurality of loan models, wherein a first of the plurality of loan models corresponds to a loan having a first length and a fixed interest amount, and wherein a second of the plurality of loan models corresponds to a loan having a second length and an adjustable interest amount.

15. The method of claim 14 further comprising generating an output of the selected loan model based on the updated loan amount parameter, the output including a monthly cost for the selected loan model.

16. The method of claim 1 further comprising:

receiving, via a graphical user interface, an adjustment to a parameter of the loan model; and

updating the loan model based on the adjusted loan model parameter.

17. A system comprising:

a memory that stores instructions; and

one or more processors configured by the instructions to perform operations comprising;

receiving, from a client device, a first input that provides a current address associated with a user;

receiving, from the client device, a second input that identifies a target location;

searching a real-estate database to identify a real-estate property associated with the current address;

estimating equity associated with the real-estate property based on a comparison of a current value of the identified real-estate property with a historical value of the identified real-estate property;

updating at least a loan amount parameter of a loan model based on the target location and the estimated equity, the loan model being configured to compute a cost for a loan based on one or more real-estate property costs and the loan amount parameter;

generating an output of the loan model representing the cost for the loan based on the updated loan amount parameter and the one or more real-estate property costs; and

providing to the client device the generated output of the loan model for presentation to the user.

18. The system of claim 17, wherein the operations comprising estimating the equity further comprise estimating a current value of the real-estate property.

19. The system of claim 18, wherein the operations further comprise identifying a purchase event associated with the real-estate property indicating a last sale price of the real-estate property.

20. A non-transitory computer-readable medium comprising instructions stored thereon that are executable by at least one processor to cause a computing device to perform operations comprising:

receiving, from a client device, a first input that provides a current address associated with a user;

receiving, from the client device, a second input that identifies a target location;

searching a real-estate database to identify a real-estate property associated with the current address;

estimating equity associated with the real-estate property based on a comparison of a current value of the identified real-estate property with a historical value of the identified real-estate property;

updating at least a loan amount parameter of a loan model based on the target location and the estimated equity, the loan model being configured to compute a cost for a loan based on one or more real-estate property costs and the loan amount parameter;

generating an output of the loan model representing the cost for the loan based on the updated loan amount parameter and the one or more real-estate property costs; and

providing to the client device the generated output of the loan model for presentation to the user.