Beginning-to-end online automation of real estate transactions

• US 6,684,196 B1
• Filed: 08/30/1999
• Issued: 01/27/2004
• Est. Priority Date: 07/07/1999
• Status: Expired due to Term

• Current Assignee: ZipRealty Incorporated (Realogy Holdings Corp.)
• Original Assignee: ZipRealty Incorporated (Realogy Holdings Corp.)
• Inventors: Mini, Juan F., Brooks, Nathaniel A.
• Primary Examiner(s): McClellan, James S.
• Application Number:
  US09/385,697
• Time in Patent Office: 1,611 Days
• Field of Search: 705/26, 705/27, 705/28, 705/37, 705/38, 705/14
• US Class Current: 705/14.34
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Methods and apparatus are described for facilitating a transaction corresponding to real property between a seller and a buyer via a network. A negotiation relating to the real property between the buyer and the seller is facilitated via the network. Access by at least one of the buyer and the seller via the network to a plurality of real estate services is provided. Each of the plurality of real estate services relates to an aspect of the transaction, and each of the plurality of real estate services is necessary for the transaction to progress.

Claims

1. A computer-implemented method for facilitating a transaction corresponding to real property between a seller and a buyer via a network, the transaction having a plurality of stages, the method comprising:

facilitating via the network a negotiation relating to the real property between the buyer and the seller, the negotiation including an offer by the buyer which is presented to the seller, a counteroffer by the seller in response to the offer, and an acceptance, the offer, the counteroffer, and the acceptance being facilitated via the network,

providing access by at least one of the buyer and the seller via the network to a plurality of real estate services, each of the plurality of real estate services relating to an aspect of the transaction, and each of the plurality of real estate services being necessary for the transaction to progress; and

automatically providing an economic benefit to at least one of the buyer and the seller for each of selected ones of the plurality of transaction stages upon completion of each selected stage.

2. The method of claim 1 wherein providing access to the plurality of real estate services comprises establishing via the network an escrow account corresponding to the buyer, the seller, and the real property.

3. The method of claim 1 wherein providing access to the plurality of real estate services comprises facilitating securing of financing for the buyer via the network.

4. The method of claim 1 wherein providing access to the plurality of real estate services comprises facilitating inspection of the real property.

5. The method of claim 1 wherein providing access to the plurality of real estate services comprises performing a pre-qualification determination for the buyer relating to financing.

6. The method of claim 1 further comprising providing information corresponding to the real property which is accessible via the network.

7. The method of claim 6 wherein the information comprises a listing describing the real property.

8. The method of claim 6 wherein the information comprises a series of interfaces relating to a neighborhood in which the real property is located.

9. The method of claim 1 wherein facilitating the negotiation comprises enabling the buyer and the seller to negotiate a price for the real property.

10. The method of claim 9 wherein facilitating the negotiation further comprises enabling the buyer and seller to negotiate additional terms.

11. The method of claim 1 wherein providing access to the plurality of real estate services comprises facilitating securing of title insurance for the buyer.

12. The method of claim 1 wherein automatically providing an economic benefit comprises providing a plurality of rebates corresponding to transaction costs in response to specified actions by one of the buyer and the seller.

13. The method of claim 12 wherein the selected stages each have one of the rebates associated therewith, each rebate being applied upon completion of the associated stage by one of the buyer and the seller.

14. The method of claim 1 further comprising providing an interface to one of the buyer and seller by which the one of the buyer and seller may input personal information.

15. The method of claim 14 at least one of the plurality of real estate services requires a portion of the personal information for completing a form related to the at least one of the plurality of real estate services, providing access to the plurality of services comprising automatically populating the form with the portion of the personal information.

16. A computer program product for facilitating a transaction corresponding to real property between a seller and a buyer via a network, the transaction having a plurality of stages, comprising.

a computer readable medium;

and

computer program instructions stored in the computer readable medium for causing a computer to;

facilitate via the network a negotiation relating to the real property between the buyer and the seller, the negotiation including an offer by the buyer which is presented to the seller, a counteroffer by the seller in response to the offer, and an acceptance, the offer, the counteroffer, and the acceptance being facilitated via the network;

provide access by at least one of the buyer and the seller via the network to a plurality of real estate services, each of the plurality of real estate services relating to an aspect of the transaction, and each of the plurality of real estate services being necessary for the transaction to progress;

automatically provide an economic benefit to at least one of the buyer and the seller for each of selected ones of the plurality of transaction stages upon completion of each selected stage.