System, method and computer program product for facilitating a real estate exchange

• US 7,801,739 B2
• Filed: 11/03/2006
• Issued: 09/21/2010
• Est. Priority Date: 04/27/2004
• Status: Expired due to Fees

• Current Assignee: Jeffrey C. Smith
• Original Assignee: Jeffrey C. Smith
• Inventors: Smith, Jeffrey C.
• Primary Examiner(s): Vig; Naresh
• Application Number:
  US11/556,280
• Publication Number:
  US 20070061162A1
• Time in Patent Office: 1,418 Days
• Field of Search: 705/1, 705/26
• US Class Current: 705/1.1
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A method is provided for facilitating a real estate exchange that includes a sale portion and a purchase portion. The method includes identifying properties of an exchangor for the sale portion of the exchange, and properties of one or more sellers for the purchase portion of the exchange. The properties of the exchangor and the sellers have associated property information stored in a property database. The method also includes engaging the properties for the sale and purchase portions of the exchange to thereby facilitate the exchange. More particularly, engaging the properties includes providing a buyer with at least a portion of the property information associated with one or more properties identified for the sale portion of the exchange, and providing the exchangor with at least a portion of the property information associated with one or more properties identified for the purchase portion of the exchange.

Claims

1. An apparatus for facilitating a real estate exchange, the real estate exchange including a sale portion and a purchase portion, the apparatus comprising:

a processor configured to identify or receive an identification of at least one property of an exchangor for the sale portion of the exchange, and at least one property of at least one seller for the purchase portion of the exchange, wherein the properties of the exchangor and the sellers have associated property information stored in a property database,

wherein the processor is configured to engage the properties for the sale and purchase portions of the exchange to thereby facilitate the exchange, including being configured to provide a buyer with at least a portion of the property information associated with at least one property identified for the sale portion of the exchange, and provide the exchangor with at least a portion of the property information associated with at least one property identified for the purchase portion of the exchange, and

wherein the processor being configured to engage the properties further includes being configured to;

engage the exchangor and at least one of the buyer or seller for an engagement period, the exchangor and at least one of the buyer or seller being engaged regarding at least one of property of the exchangor identified for the sale portion of the exchange, or property of the seller identified for the purchase portion of the exchange; and

restrict the engaged exchangor and at least one of the buyer or seller from communicating with other buyers or sellers regarding the respective properties during the engagement period.

2. The apparatus to claim 1, wherein the processor is further configured to calculate a running comparison of a total sale price of the properties for the sale portion and a running total purchase price of the properties for the purchase portion, the processor being configured to calculate the running comparison as the properties are identified,

wherein the processor is configured to determine if a predetermined relationship between the total sale price and total purchase price is met based upon the running comparison, and adjust or receive an adjustment of the properties identified for at least one of the sale portion or the purchase portion of the exchange if the predetermined relationship is not met, wherein the processor being configured to adjust or receive an adjustment of the properties includes being configured to remove or receive removal of at least one identified property, or identifying or receive an identification of at least one additional property, and wherein the processor is configured to repeatedly determine if the predetermined relationship is met and adjust or receive an adjustment of the properties until the predetermined relationship is met.

3. The apparatus according to claim 1, wherein at least a portion of the property information comprises access-restricted information, and wherein the processor being configured to provide at least a portion of the property information associated with at least one property identified for the sale portion of the exchange or the purchase portion of the exchange includes being configured to provide at least a portion of the access-restricted information.

4. The apparatus according to claim 3, wherein the processor is further configured to receive at least one of an executed agreement from the buyer before providing the buyer with the access-restricted information, or an executed agreement from the exchangor before providing the exchangor with the access-restricted information.

5. The apparatus according to claim 1, wherein the processor is configured to identify or receive an identification of at least one property comprising an income-producing property having at least one tenant, and

wherein the processor is configured to facilitate insuring at least one of the exchangor or buyer for a period of time against a loss of income due to a default of at least one tenant, being configured to facilitate insuring the exchangor if the exchangor concludes a real estate transaction regarding an income-producing property identified during the purchase portion of the exchange, or facilitate insuring the buyer if the exchangor concludes a real estate transaction regarding an income-producing property identified during the sale portion of the exchange.

6. A method for facilitating a real estate exchange, the real estate exchange including a sale portion and a purchase portion, the method being performed by execution of computer-readable program code by at least one processor of at least one computer system, the method comprising:

identifying or receiving, using at least one of the processors, an identification of at least one property of an exchangor for the sale portion of the exchange, and at least one property of at least one seller for the purchase portion of the exchange, wherein the properties of the exchangor and the sellers have associated property information stored in a property database; and

engaging, using at least one of the processors, the properties for the sale and purchase portions of the exchange to thereby facilitate the exchange, wherein engaging the properties comprises providing a buyer with at least a portion of the property information associated with at least one property identified for the sale portion of the exchange, and providing the exchangor with at least a portion of the property information associated with at least one property identified for the purchase portion of the exchange, and

wherein engaging the properties further comprises;

engaging the exchangor and at least one of the buyer or seller for an engagement period, the exchangor and at least one of the buyer or seller being engaged regarding at least one of property of the exchangor identified for the sale portion of the exchange, or property of the seller identified for the purchase portion of the exchange; and

restricting the engaged exchangor and at least one of the buyer or seller from communicating with other buyers or sellers regarding the respective properties during the engagement period.

7. The method according to claim 6 further comprising:

calculating a running comparison of a total sale price of the properties for the sale portion and a running total purchase price of the properties for the purchase portion, calculating the running comparison being performed as the properties are identified;

determining if a predetermined relationship between the total sale price and total purchase price is met based upon the running comparison; and

adjusting or receiving an adjustment of the properties identified for at least one of the sale portion or the purchase portion of the exchange if the predetermined relationship is not met, wherein adjusting or receiving an adjustment of the properties identified includes removing or receiving removal of at least one identified property, or identifying or receiving an identification of at least one additional property,

wherein determining if a predetermined relationship is met adjusting or receiving an adjustment of the properties are performed until the predetermined relationship is met.

8. The method according to claim 6, wherein at least a portion of the associated property information comprises access-restricted information, and wherein providing at least portion of the property information associated with at least one property identified for the sale portion of the exchange or the purchase portion of the exchange comprises providing at least a portion of the access-restricted information.

9. The method according to claim 8 further comprising:

receiving at least one of an executed agreement from the buyer before providing the buyer with the access-restricted information, or an executed agreement from the exchangor before providing the exchangor with the access-restricted information.

10. The method according to claim 6, wherein identifying or receiving an identification includes identifying or receiving an identification of an income-producing property having at least one tenant, and wherein the method further comprises:

facilitating insuring at least one of the exchangor or buyer for a period of time against a loss of income due to a default of at least one tenant, including facilitating insuring the exchangor if the exchangor concludes a real estate transaction regarding an income-producing property identified during the purchase portion of the exchange, or facilitating insuring the buyer if the exchangor concludes a real estate transaction regarding an income-producing property identified during the sale portion of the exchange.

11. A computer-program product for facilitating a real estate exchange, the real estate exchange including a sale portion and a purchase portion, the computer program product comprising at least one computer-readable storage medium having computer-executable program code portions stored therein, the computer-executable program code portions comprising:

a first executable portion identify or receive an identification of at least one property of an exchangor for the sale portion of the exchange, and at least one property of at least one seller for the purchase portion of the exchange, wherein the properties of the exchangor and the sellers have associated property information stored in a property database; and

a second executable portion configured to engage the properties for the sale and purchase portions of the exchange to thereby facilitate the exchange, the second executable portion being configured to engage the properties including being configured to provide a buyer with at least a portion of the property information associated with at least one property identified for the sale portion of the exchange, and provide the exchangor with at least a portion of the property information associated with at least one property identified for the purchase portion of the exchange, and

wherein the second executable portion being configured to engage the properties further includes being configured to;

engage the exchangor and at least one of the buyer or seller for an engagement period, the exchangor and at least one of the buyer or seller being engaged regarding at least one property of the exchangor identified for the sale portion of the exchange, or property of the seller identified for the purchase portion of the exchange; and

restrict the engaged exchangor and at least one of the buyer or seer from communicating with other buyers or sellers regarding the respective properties during the engagement period.

12. The computer-program product according to claim 11, wherein the computer-executable program code portions further comprise:

a third executable portion configured to calculate a running comparison of a total sale price of the properties for the sale portion and a running total purchase price of the properties for the purchase portion, the third executable portion being configured to calculate the running comparison as the properties are identified;

a fourth executable portion configured to determine if a predetermined relationship between the total sale price and total purchase price is met based upon the running comparison; and

a fifth executable portion configured to adjust or receive an adjustment of the properties identified for at least one of the sale portion or the purchase portion of the exchange if the predetermined relationship is not met, wherein the fifth executable portion being configured to adjust or receive an adjustment of the properties includes being configured to remove or receive removal of at least one identified property, or identify or receive an identification of at least one additional property,

wherein the fourth and fifth executable portions are configured to determine if the predetermined relationship is met and adjust or receive an adjustment of the identified properties until the predetermined relationship is met.

13. The computer-program product according to claim 11, wherein at least a portion of the property information comprises access-restricted information, and wherein the second executable portion being configured to provide at least a portion of the property information associated with at least one property identified for the sale portion of the exchange or the purchase portion of the exchange includes begin configured to provide at least a portion of the access-restricted information.

14. The computer-executable product according to claim 13, wherein the computer-readable program code portions further comprise:

a third executable portion configured to receive at least one of an executed agreement from the buyer before providing the buyer with the access-restricted information, or an executed agreement from the exchangor before providing the exchangor with the access-restricted information.

15. The computer-executable product according to claim 11, wherein the first executable portion being configured to identify or receive an identification of at least one property includes being configured to identify or receive an identification of an income-producing property having at least one tenant, and wherein the computer-readable program code portions further comprise:

a third executable portion configured to facilitate insuring at least one of the exchangor or buyer for a period of time against a loss of income due to a default of at least one tenant, including being configured to facilitate insuring the exchangor if the exchangor concludes a real estate transaction regarding an income-producing property identified during the purchase portion of the exchange, or facilitate insuring the buyer if the exchangor concludes a real estate transaction regarding an income-producing property identified during the sale portion of the exchange.