Computerized system for developing multi-party property equity exchange scenarios

• US 5,500,793 A
• Filed: 09/02/1993
• Issued: 03/19/1996
• Est. Priority Date: 09/02/1993
• Status: Expired due to Fees

• Current Assignee: Equitrade
• Original Assignee: Equitrade
• Inventors: Deming, Robert F. Jr., Demimg, Stephen E.
• Primary Examiner(s): McElheny, Jr., Donald E.
• Application Number:
  US08/116,343
• Time in Patent Office: 929 Days
• Field of Search: 364/401, 364/408, 364/403, 364/406
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computerized, interactive system to search for and identify possible real property equity exchanges involves the establishment of a data field in an electronic data base to enable a user to develop, locate and identify property trade scenarios. A computer is utilized to process data from a plurality of sources, each providing specifics of the owner'"'"'s exchange desires and the current property'"'"'s characteristics. The computer reviews trade location desires of the property owner and finds potential trades from the location of other tradable properties. There need not be a direct match or a reciprocal match between two properties for a possible property exchange to be identified. The system allows identification of exchange scenarios involving many different properties, wherein the exchange scenarios can be circular or open ended.

Claims

1. An automated process for developing multi-party property equity exchange scenarios, comprising the steps of:

providing an electronic data base of properties available for trade;

accessing the electronic data base of properties utilizing a computer;

identifying a base property within the electronic data base of properties for which a trade is desired;

defining criteria for matching properties in the electronic data base relative to the base property;

comparing properties in the electronic data base utilizing the criteria;

automatically creating possible trade scenarios involving the base property and one or more other properties in the electronic data base utilizing the computer; and

displaying the possible trade scenarios.

2. A process as set forth in claim 1, including the step of applying additional criteria for defining possible trade scenarios relative to the base property.

3. A process as set forth in claim 2, wherein when the step of applying additional criteria takes place after the step of displaying the possible trade scenarios, and then the steps of comparing, creating and displaying are repeated.

4. A process as set forth in claim 1, including the step of restricting access to the electronic data base to validated users only.

5. A process as set forth in claim 4, wherein the restricting access step includes the step of requiring the input of an additional property to be traded into the electronic data base prior to permitting access to other properties in the electronic data base.

6. A process as set forth in claim 1, wherein the step of providing an electronic data base of properties includes the step of inputting a purported equity of each of said properties into the data base.

7. A process as set forth in claim 6, wherein the step of providing a data base of properties includes the steps of listing a value of each property and the encumbrances on each property in the data base.

8. A process as set forth in claim 6, including the step of applying additional criteria to a search of properties in the electronic data base after having reviewed all possible trade scenarios in accordance with the original criteria defined.

9. A process as set forth in claim 1, wherein the step of defining criteria includes the step of specifying a desired trade location for each property in the electronic data base.

10. A process as set forth in claim 9, wherein the step of defining criteria includes the step of defining an acceptable equity difference between properties to be matched.

11. A process as set forth in claim 1, wherein the possible trade scenarios are displayed on an electronic screen.

12. A process as set forth in claim 1, wherein the possible trade scenarios are printed.

13. A process as set forth in claim 1, wherein the possible trade scenarios are generated from and transmitted to a remote location via electronic media.

14. A process as set forth in claim 1, wherein the step of comparing the properties in the electronic data base utilizes a forward search technique.

15. A process as set forth in claim 1, wherein the step of comparing the properties in the electronic data base utilizes a backward search technique.

16. A computerized process for developing multi-party real property equity exchange scenarios, comprising the steps of:

providing an electronic data base of properties available for trade, including criteria to be satisfied in order to trade each said property;

utilizing a computer, accessing the electronic data base by inputting a base property to be traded and by defining criteria for trading said base property;

comparing the base property against other properties in the electronic data base;

automatically creating possible trade scenarios involving the base property and one or more other properties in the electronic data base utilizing the computer; and

displaying said possible trade scenarios.

17. A process as set forth in claim 16, including the steps of further defining the trade criteria for the base property after viewing a display of the possible trade scenarios.

18. A process as set forth in claim 17, including the steps of re-comparing the base property against other properties in the electronic data base, re-creating possible trade scenarios involving the base property and one or more other properties in the electronic data base, and then re-displaying said possible trade scenarios, after further defining the search criteria for the base property.

19. A process as set forth in claim 16, including the step of restricting access to the electronic data base to validated users only.

20. A process as set forth in claim 16, wherein the step of providing an electronic data base includes the steps of listing a value for each property and the encumbrances on each property in the data base for purposes of calculating a purported equity of each of said properties in the data base.

21. A process as set forth in claim 20, including the step of applying additional criteria to a search of properties in the electronic data base after having reviewed all possible trade scenarios in accordance with the original criteria defined.

22. A process as set forth in claim 18, wherein the step of providing criteria to be satisfied in order to trade each said property in the electronic data base, includes the step of specifying a desired trade location for each said property and defining an acceptable equity difference between properties to be matched.

23. A process as set forth in claim 22, wherein the step of comparing the properties in the electronic data base utilizes a forward search technique.

24. A process as set forth in claim 22, wherein the step of comparing the properties in the electronic data base utilizes a backward search technique.

25. A process as set forth in claim 16, wherein the step of accessing the electronic data base is accomplished utilizing electronic transmissions from a remote location.

26. A process as set forth in claim 18, including the step of electronically recording said possible trade scenarios.

27. A process as set forth in claim 26, including the steps of accessing the recorded possible trade scenarios and thereafter re-defining the trade criteria for the base property, re-comparing the base property against other properties in the electronic data base, re-creating possible trade scenarios involving the base property and one or more other properties in the electronic data base, and then re-displaying said possible trade scenarios.

28. An automated process for developing multi-party property equity exchanges, the steps comprising:

identifying a base property to be traded;

establishing criteria to be met for trading the base property;

accessing an electronic data base of properties available for trade, including criteria to be satisfied in order to trade each said property;

utilizing a computer to search the electronic data base to establish matches between properties within the electronic data base, and the base property and properties within the electronic data base, in accordance with the established trade criteria for each; and

analyzing the search results for possible trade scenarios involving the base property and one or more other properties in the electronic data base.

29. A process as set forth in claim 28, wherein the step of establishing criteria for trading the base property includes the steps of specifying a desired trade location and defining an acceptable equity difference between properties to be matched.

30. A process as set forth in claim 29, including the steps of listing a value for each property and the encumbrances on each property in the data base.

31. A process as set forth in claim 30, including the step of specifying a desired trade location for each property in the electronic data base.

32. A process as set forth in claim 30, including the step of defining an acceptable equity difference between properties in the data base to be matched.

33. A process as set forth in claim 28, wherein the electronic database searching step includes the steps of comparing the base property against other properties in the electronic data base, and creating possible trade scenarios involving the base property and one or more other properties in the electronic data base.

34. A process as set forth in claim 33, wherein the analyzing step includes the steps of displaying said possible trade scenarios, further defining the trade criteria for the base property after viewing a display of the possible trade scenarios, re-comparing the base property against other properties in the electronic data base, re-creating possible trade scenarios involving the base property and one or more other properties in the electronic data base, and then displaying new possible trade scenarios for re-analysis.

35. A process as set forth in claim 33, including the step of electronically recording said possible trade scenarios.

36. A process as set forth in claim 35, including the steps of accessing the recorded possible trade scenarios and thereafter re-defining the trade criteria for the base property, re-comparing the base property against other properties in the electronic data base, re- creating possible trade scenarios involving the base property and one or more other properties in the electronic data base, and then re-displaying new possible trade scenarios.

37. A process a s set forth in claim 28, wherein the step of accessing the electronic data base is accomplished utilizing electronic transmissions from a remote location.

38. An automated process for developing multi-party real property equity exchanges, the steps comprising:

identifying a base property to be traded;

establishing criteria to be met for trading the base property, including specifying a desired trade location and defining an acceptable equity difference between properties to be matched;

providing an electronic data base of properties available for trade, including criteria to be satisfied in order to trade each said property, the electronic data base including, for each property listed therein, an equity value for each property, a desired trade location for the owner, and an acceptable equity difference between properties to be matched;

accessing the electronic data base by inputting data relating to the base property;

utilizing a computer to search the electronic data base to establish matches between properties within the electronic data base, and the base property and properties within the electronic data base, in accordance with the established trade criteria for each;

creating possible trade scenarios involving the base property and one or more other properties in the electronic data base;

electronically recording said possible trade scenarios; and

analyzing the search results, including the steps of displaying said possible trade scenarios, further defining the trade criteria for the base property after viewing a display of the possible trade scenarios, re-comparing the base property against other properties in the electronic data base and re-creating possible trade scenarios involving the base property and one or more other properties in the electronic data base utilizing the computer, and then displaying new possible trade scenarios for re-analysis.

39. A process as set forth in claim 38, wherein the step of searching the electronic data base utilizes either a forward or backward search technique.

40. A process as set forth in claim 38, wherein the step of accessing the electronic data base is accomplished utilizing electronic transmissions from a location remote from the date base.