System and method for tracking, monitoring, and supporting self-procuring principals in real estate transactions

• US 6,751,596 B1
• Filed: 04/20/1999
• Issued: 06/15/2004
• Est. Priority Date: 04/20/1999
• Status: Expired due to Term

• Current Assignee: Patriot Real Estate Systems, LLC
• Original Assignee: Patriot Real Estate Systems, LLC
• Inventors: Hastings, Brian
• Primary Examiner(s): Thomas, Joseph
• Assistant Examiner(s): Gilligan, Christopher L.
• Application Number:
  US09/296,709
• Time in Patent Office: 1,883 Days
• Field of Search: 705/10, 705/1, 705/35, 705/37, 705/38, 705/44
• US Class Current: 705/7.31
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/167 Closing

Abstract

A system and method for tracking, monitoring, and supporting self-procurement of an individual for the purchase of a home. As a self-procuring principal (SPP), the individual would be entitled to the real estate commission payable to licensed real estate agents. To aid the SPP in his self-procurement activities, the system provides information to the SPP of property listings that match the SRP'"'"'s search criteria. The system also provides comparable sales information of other homes in the area, school district reports, environmental hazard reports, and automated offer drafting assistance. If the SPP wants to view a property, the system coordinates such viewing by contacting chaperones to provide the showing of the property. The SPP'"'"'s self-procuring activities are tracked by the system for inclusion in the SPP'"'"'s loan file. The report certifies that the SPP has indeed represented and procured himself, and thus, is entitled to the real estate commission. The SPP can then apply the commission towards the downpayment of a home.

Claims

1. A method for tracking, monitoring, and supporting the purchase of a real estate property by a buyer via an electronic information system, the method comprising:

generating a user tracking record for the buyer, the user tracking record storing a list of activities of self-procurement engaged by the buyer in completing the purchase of a real estate property;

storing in the tracking record information about the buyer'"'"'s attendance in a home counseling program;

downloading real estate property listings from a professional real estate database into a local listings database accessible to the buyer;

authenticating the buyer as an authorized user of the electronic information system;

receiving real estate property search parameters from the buyer;

searching the local listings database for a property matching the search parameters;

notifying the buyer of a matched property;

updating the tracking record with the notification information;

entering a viewing appointment for the matched property;

updating the tracking record with results of the viewing appointment;

invoking a user application module for drafting a purchase offer for the matched property;

updating the tracking record with information on the purchase offer;

storing in the tracking record closing activities engaged by the buyer in completing the purchase of the matched property; and

providing verification based on the tracking record that the buyer has engaged in activities of self-procurement performed using this system, which substitute for the services of a licensed real estate professional to earn a real estate commission associated with the matched property for use of the real estate commission as downpayment for purchasing the matched property.

2. The method of claim 1, wherein the step of notifying comprises sending electronic mail to the user.

3. The method of claim 1, wherein the step of notifying comprises sending a pager alert to the user.

4. The method of claim 1, wherein the step of notifying comprises transmitting profile data of the matched property from the listings database.

5. The method of claim 4, wherein the step of notifying comprises establishing a communications link between the electronic information system and an SPP computer, the SPP computer displaying the profile data on a display monitor.

6. The method of claim 4, wherein the step of transmitting the profile data comprises providing an audio recording of the data.

7. The method of claim 1 further comprising receiving a request of a report related to the matched property and updating the tracking record with a log of the request.

8. The method of claim 7, wherein the report is a comparable sales report including sales information of a property in a district where the matched property is located, the property having at least a portion of features of the matched property.

9. The method of claim 7, wherein the report is a school district report of a district where the matched property is located.

10. The method of claim 7, wherein the report is an environmental hazard report of a district where the matched property is located.

11. The method of claim 7, wherein the report is an offer assistance report for the matched property.

12. The method of claim 1 further comprising the steps of:

downloading property profile data from a remote computer;

modifying downloaded profile data; and

storing the modified profile data into the listings database.

13. The method of claim 1 further comprising the steps of:

creating a demand feature profile from a plurality of SPP profiles in the client database;

searching an assessor'"'"'s property database for a property matching the demand feature profile, the assessor'"'"'s property database comprising profile data of properties that have not been placed for sale; and

informing an owner of the matched property of a demand on the property.

14. The method of claim 1 further comprising:

determining whether a new property listing has been included in the professional listings database;

downloading the new property listing from the professional listings database into the local listings database;

determining whether information on the new property listing is to be edited;

editing the information on the new property listing;

determining whether the new property listing matches the real estate property search parameters;

retrieving information on a notification mechanism for the buyer from a user record; and

providing notification to the buyer of the new property listing based on the notification mechanism.