Automatically determining a current value for a real estate property, such as a home, that is tailored to input from a human user, such as its owner

• US 8,515,839 B2
• Filed: 09/19/2006
• Issued: 08/20/2013
• Est. Priority Date: 02/03/2006
• Status: Active Grant

• Current Assignee: MFTB Holdco Incorporated
• Original Assignee: Zillow, Inc. (Zillow Group, Inc.)
• Inventors: Burstein, Jonathan L., Andersen, Timothy J., Ma, Brian Chi-Yat
• Primary Examiner(s): Colbert, Ella
• Application Number:
  US11/524,048
• Publication Number:
  US 20070185727A1
• Time in Patent Office: 2,527 Days
• Field of Search: 705/35, 705/38, 705/39, 705/306, 705/313
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/04 Forecasting or optimisation specially adapted for administrative or management purposes, e.g. linear programming or "cutting stock problem" market predictions or forecasting for commercial activities G06Q30/0202
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A facility procuring information about a distinguished property from a user knowledgeable about the distinguished property that is usable to refine an automatic valuation of the distinguished property is described. The facility displays information about the distinguished property used in the automatic valuation of the distinguished property. The facility obtains user input from the user adjusting at least one aspect of information about the distinguished property used in the automatic valuation of the distinguished property. On a later day, facility displays to the user a refined valuation of the distinguished property that is based on the adjustment of the obtained user input.

Claims

1. A computer storage device whose contents cause a computing system to perform a method for procuring information about a property from its owner that is usable to refine an automatic valuation of the property, the method comprising:

generating the automatic valuation of the property using only information about the property originated by a public source;

displaying at least a portion of information about the property used in the automatic valuation of the property;

on a first day;

obtaining user input from the owner adjusting at least one aspect of information about the property used in the automatic valuation of the property;

storing the obtained user input in a non-volatile medium; and

on a second day that is after the first day, using the stored user input to display to the owner a refined valuation of the property that is based on the adjustment of the obtained user input.

2. The computer storage device of claim 1, further comprising, on a third day after the first day, using the stored user input to display to a user other than the owner a refined valuation of the property that is based on the adjustment of the obtained user input.

3. The computer storage device of claim 1, further comprising, on the first day, displaying to the owner a refined valuation of the property that is based on the adjustment of the obtained user input, and wherein the refined valuation displayed on the first day is the same as the refined valuation displayed on the second day.

4. The computer storage device of claim 1, further comprising, on the first day, displaying to the owner a refined valuation of the property that is based on the adjustment of the obtained user input, and wherein the refined valuation displayed on the first day is different from the refined valuation displayed on the second day.

12. The method of claim 1 wherein the user input obtained from the user adjusts at least one aspect of information about the property used in the automatic valuation of the property by identifying at least one sale of a property comparable to the property.

5. A method in a computing system having a processor for refining an automatic valuation of a home based upon input from a user knowledgeable about the home, comprising:

generating the automatic valuation of the property using only information about the home originated by a public source;

displaying at least a portion of information about the property used in the automatic valuation of the property;

on a first day, obtaining user input adjusting at least one aspect of information about the home used in the automatic valuation of the home;

with a computer processor, automatically determining a refined valuation of the home that is based on the adjustment of the obtained user input; and

presenting the refined valuation of the home on a second day that is after the first day.

6. The method of claim 5 wherein the presenting involves displaying the refined valuation of the home to a user providing the user input.

7. The method of claim 5 wherein the presenting involves displaying the refined valuation of the home to a user other than the user providing the user input.

8. The method of claim 5 further comprising:

on the first day, obtaining user input specifying a level of access to be permitted to refined valuations that are based on the adjustment of the obtained user input; and

on a third day that is later than the first day, presenting the refined valuation of the home in accordance with the specified level of access.

9. The method of claim 8 wherein specified level of access is private, and wherein the presenting on the third day involves displaying the refined valuation of the home to the user providing the user input.

10. The method of claim 8 wherein specified level of access is public, and wherein the presenting on the third day involves displaying the refined valuation of the home to any user.

11. The method of claim 8 wherein specified level of access is public, and wherein the presenting on the third day involves displaying the refined valuation of the home to any user designated by the user providing the user input.

13. The computer-readable medium of claim 5 wherein the obtained user input adjusts at least one aspect of information about the home used in the automatic valuation of the property by identifying at least one sale of a home comparable to the property.