Method and system for managing real property transactions having internet access and control

• US 7,333,943 B1
• Filed: 08/11/2000
• Issued: 02/19/2008
• Est. Priority Date: 08/11/2000
• Status: Expired due to Fees

• Current Assignee: BRER Affiliates LLC (Prudential Financial Incorporated)
• Original Assignee: Prudential Insurance Company of America (Prudential Financial Incorporated)
• Inventors: Cafferky, Sean Allan, Charuk, James Michael, Capper, Russell Neill, Jumper, Samuel Waldon
• Primary Examiner(s): Fadok; Mark
• Application Number:
  US09/637,296
• Time in Patent Office: 2,748 Days
• Field of Search: 705/26, 705/27
• US Class Current: 705/26.1
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0205 Location or geographical consideration
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/167 Closing

Abstract

A system and method for managing real estate transactions over the Internet are disclosed. The method includes placing real property market-specific listing data in a user-accessible Internet accessible database, searching the database using search parameters input by a user from an Internet-connected terminal, and displaying to the user on a secure web page any real property listings which match the search parameters. One embodiment includes displaying, on the web page, links to the database for the matching listings. One embodiment includes initiating a user account for the user prior to entering the search parameters. One embodiment includes initiating a portfolio for the user, wherein the user selects ones of the displayed real property listings to add to the portfolio. One embodiment includes the user entering an appointment request for at least one of the listings in the portfolio at the Internet-connected terminal, determining whether a time in the appointment request matches times listed as available, and if such time is available posting on an agent terminal a viewing appointment. One embodiment includes the user entering offer to purchase data for a listing in the portfolio in the Internet-connected terminal, posting the offer data at a transaction coordinator terminal, if any of the offer data are legally deficient, generating an e-mail message identifying the deficiency and transmitting the deficiency e-mail message to the user, if any of the offer data are legally deficient, correcting any such deficiency, and generating an offer for sale document using a market-specific template.

Claims

1. A system for managing a real estate transaction, comprising:

a database configured to;

store property data for each of a plurality of properties listed as offered for sale by a user identified as a broker,

store at least a name, a method of contact, and a search criteria for a user identified as a buyer, and

store at least a name, a method of contact and an address of a property listed for sale for a user identified as a seller; and

an application server operatively coupled to a database configured to;

query the database and determine whether any of the plurality of properties match the search criteria for the user identified as the buyer,

store a first result of the query,

after the database has been updated, re-query the database using the search criteria to obtain a second result, wherein the second result comprises data not present in the first result for at least one of the plurality of properties, generate a message for transmission to the user identified as the buyer based on the second result.

2. The system as defined in claim 1 wherein the application server is configured to generate and transmit a message to an agent by at least one of posting a message to a terminal, generating an electronic mail message and sending to an agent e-mail account and generating a pager message, the message notifying the agent of a request to view a selected property entered by the user identified as the buyer.

3. The system as defined in claim 1 wherein the message for transmission comprises at least one of posting to a web page accessible to the user identified as the buyer, sending an electronic mail message to the user identified as the buyer and dialing a pager telephone number.

4. The system as defined in claim 1 wherein the application server is configured to indicate to the user identified as the seller at least a number of properties having data thereon in the database matching a criterion selected by the user identified as the seller.

5. The system as defined in claim 4 wherein the selected criterion comprises at least one of sales price and geographic location of the property listed by the user identified as the seller.

6. The system as defined in claim 1 wherein the application server is configured to post picture files from the database to a terminal accessible to the user identified as the buyer of properties selected thereon by the user identified as the buyer for viewing thereof.

7. The system as defined in claim 1 wherein the application server is configured to:

enable the user identified as the seller to enter data including at least the address for the property to be listed as offered for sale on an Internet connected terminal;

transfer the user-entered data to the database;

search the database for complementary listing data on the property to be listed; and

display data entry fields to the user identified as a seller, the data entry fields comprising elements of the complementary listing data not found for the property in the database.

8. The system as defined in claim 7 wherein the complementary listing data for the property comprises at least one selected from a structure area, a number of bedrooms, a number of bathrooms, a total number of rooms and a number of garage spaces.

9. The system as defined in claim 7 wherein the complementary listing data comprises at least one selected from a school district, real property taxes, and a subdivision in which the property is located.

10. The system as defined in claim 1 wherein the application server is configured to provide a secure web page to a user, wherein the secure web page comprises links to the database for matching listings, whereby the user is provided direction to access detailed information on each one of the plurality of properties listed that match the search criteria,

wherein the user is one selected from the group consisting of the user identified as the buyer, the user identified as the seller, and the user identified as the broker.

11. The system as defined in claim 10 comprising initiating a user account for the user prior to making the links available to the user, whereby the user is granted access to the secure web page, the user account comprising personal information about the user including at least a name and a password for subsequent access to the account by the user.

12. The system as defined in claim 1 wherein the application server is configured to update the database;

search the database; and

generate an e-mail message subsequently transmitted to the user including therein at least a quantity of any such listings which match the search criteria, if a property listing added to the database matches the search criteria.

13. A system for managing a real estate transaction, comprising:

means for storing property data for each of a plurality of properties listed as offered for sale by a user identified as a broker,

means for storing at least a name, a method of contact, and a search criteria for a user identified as a buyer,

means for storing at least a name, a method of contact and an address of a property listed for sale for a user identified as a seller;

means for querying the database and determine whether any of the plurality of properties match the search criteria for the user identified as the buyer,

means for storing a result of the query, after the database has been updated, means for re-querying the database using the search criteria to obtain a second result, wherein the second result comprises data not present in the first result, for at least one of the plurality of properties,

means for generating a message for transmission to the user identified as the buyer based on the second result.