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 Title: |
US6115694:
Method for validating specified prices on real property
[ Derwent Title ]
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| Country: |
US United States of America
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| Inventor: |
Cheetham, William Estel; Clifton Park, NY
Bonissone, Piero Patrone; Schenectady, NY
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| Assignee: |
General Electric Company, Schenectady, NY
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| Published / Filed: |
2000-09-05
/ 1998-07-17
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| Application Number: |
US1998000118103
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| IPC Code: |
Advanced:
G06Q 30/00;
Core:
more...
IPC-7:
G06F 17/60;
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| ECLA Code: |
G06Q30/00C;
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| U.S. Class: |
Current:
705/010;
Original:
705/010;
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| Field of Search: |
705/010,30,35,36,37,38
707/010,100,104,200
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| Priority Number: |
| 1998-07-17 |
US1998000118103 |
| 1995-08-25 |
US1995000519380 |
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| Abstract: |
A computer-implemented method for validating specified prices on real property. A set of real estate properties comparable to the subject property are retrieved. A measurement of similarity between each comparable property and the subject property is then determined. A plurality of adjustment rules are then applied to adjust the price of the comparable properties. The adjusted comparable properties are then extracted, sorted, and ranked, according to the specified sale price. The extracted comparable properties are then aggregated into an estimate price of the subject property. After aggregation, the estimate price of the subject property is compared to the specified price and a measurement of confidence validating the reliability of the specified price is then generated.
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| Attorney, Agent or Firm: |
Goldman, David C. ;
Breedlove, Jill M. ;
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| Primary / Asst. Examiners: |
Poinvil, Frantzy;
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| Maintenance Status: |
E2 Expired Check current status
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| INPADOC Legal Status: |
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| Parent Case: |
CROSS-REFERENCES TO RELATED APPLICATIONS
This is a continuation-in-part of application Ser. No. 08/519,380 filed Aug. 25, 1995, now abandoned.
This application is related in subject matter to application Ser. No. 09/118,112 filed July 17, 1998 now pending, and application Ser. No. 09/118,188 filed Jul. 17, 1998 now pending.
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| Family: |
None
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First Claim:
Show all 6 claims |
What is claimed is:
1. A computer-implemented method for validating a specified price of a subject property, comprising:
- retrieving a set of real estate properties comparable to the subject property from a case base, the comparable properties and the subject property characterized by a plurality of common attributes each having a respective value;
- evaluating each attribute value from the set of comparable properties to the same attribute value of the subject property on a fuzzy preference scale indicating desirable and tolerable deviations from an ideal match with the subject property, each evaluation generating a preference vector having a value between 0 and 1;
- determining a measurement of similarity between each comparable property and the subject property;
- examining additional attributes characterizing the comparable properties with the subject property;
- determining differences between the additional attributes characterizing each of the comparable properties and the subject property;
- applying a plurality of adjustment rules from an adjustment rule database to the differences between each of the comparable properties and the subject property, the plurality of adjustment rules adjusting the price of the comparable properties by either decreasing the price of each comparable property if the comparable property has differences in the additional characteristics that are superior in value to the subject property or increasing the price of each comparable property if the comparable property has differences in additional characteristics that are inferior in value to the subject property;
- extracting the adjusted comparable properties according to a predetermined threshold;
- sorting and ranking the adjusted comparable properties according to similarity with the specified price;
- extracting the sorted and ranked comparable properties;
- aggregating the extracted comparable properties into an estimate price of the subject property; and
- comparing the estimate price of the subject property to the specified price and generating a measurement of confidence validating the reliability of the specified sale price.
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| Background / Summary: |
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| Drawing Descriptions: |
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| Description: |
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| Forward References: |
Show 20 U.S. patent(s) that reference this one
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| Foreign References: |
None
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| Other References: |
Americal Institute of Real Estate Appraisers, Apprasing Residential Property, pp. 371-436 2ed, Jul. 1994.
Avelino J. Gonsales, "A Case-Based Reasoning Approach to Real Estate Property Appraisal ", Expert Systems with Applications, v4 pp. 229-246, Year 1992.
US Patent Application, RD-24,353 "A Method for Estimating the Dollar Per Square Foot Value of Real Property According to a Set of Comparable Properties" Piero P. Bonissone & William E. Cheetam.
"A Case-Based Reasoning Approach to Real Estate Property Appraisal" By a Gonzalez, et al., pp. 229-246.
"The Sales Comparison Approach" Apraising Residential Properties (2nd Edition, 1994) pp. 371-436.
US Patent Application, RD-24,351 "A Method for Estimating the Value of Real Property" By William E. Cheetam and Piero P. Bonissone.
American Institute of Real Estate Appraisers, Appraising Residential Properties, 371-436 (2d ed.), Jul. 1994.
Avelino J. Gonzales, "A Case-Based Reasoning Approach to Real Estate Property Appraisal", Expert Systems with Applications v 4, pp. 229-246, 1992.
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