 |
|
|
|
|
|
 Title: |
US6178406:
Method for estimating the value of real property
[ Derwent Title ]
|
| Country: |
US United States of America
|
| |
| Inventor: |
Cheetham, William Estel; Clifton Park, NY
Bonissone, Piero Patrone; Schenectady, NY
|
| Assignee: |
General Electric Company, Schenectady, NY
other patents from GENERAL ELECTRIC COMPANY (218550) (approx. 30,796)
News, Profiles, Stocks and More about this company
|
| Published / Filed: |
2001-01-23
/ 1998-07-17
|
| Application Number: |
US1998000118112
|
| IPC Code: |
Advanced:
G06Q 30/00;
Core:
more...
IPC-7:
G06F 15/18;
|
| ECLA Code: |
G06Q30/00C;
|
| U.S. Class: |
Current:
705/010;
Original:
705/010;
|
| Field of Search: |
705/010,30,35,36,37,38,26,27
707/010,100,200
|
| Priority Number: |
| 1998-07-17 |
US1998000118112 |
| 1995-08-25 |
US1995000519266 |
|
| Abstract: |
A method for estimating the price of real property such as a single family residence. A set of real estate properties comparable to the subject property is retrieved. The comparable properties and the subject property are characterized by a plurality of common attributes each having a respective value. Each attribute value from the comparable properties are evaluated 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. A measurement of similarity between each comparable property and the subject property is then determined. Next, the price of the comparable properties are adjusted to the value of the subject property and the best properties are extracted for further consideration. The extracted comparable properties are then aggregated into an estimate price of the subject property.
|
| Attorney, Agent or Firm: |
Goldman, David C. ;
Breedlove, Jill M. ;
|
| Primary / Asst. Examiners: |
Poinvil, Frantzy;
|
| Maintenance Status: |
E1 Expired Check current status
|
| INPADOC Legal Status: |
Show legal status actions
|
|
|
|
|
|
|
| Parent Case: |
CROSS-REFERENCES TO RELATED APPLICATIONS
This is a continuation-in-part of application Ser. No. 08/519,266 filed Aug. 25, 1995, now abandoned.
This application is related in subject matter to application Ser. No. 09/118,103 filed Jul. 17, 1998, and application Ser. No. 09,118,188 filed Jul. 17, 1998.
|
| Family: |
None
|
First Claim:
Show all 16 claims |
What is claimed is:
1. A computer-implemented method for estimating 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 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;
- extracting comparable properties according to a predetermined threshold;
- adjusting the price of the extracted comparable properties to the value of the subject property by evaluating additional characteristics between the comparable properties and the subject property;
- extracting comparable properties according to predetermined selection criteria; and
- aggregating the extracted comparable properties into an estimate price of the subject property.
|
| Background / Summary: |
Show background / summary
|
| Drawing Descriptions: |
Show drawing descriptions
|
| Description: |
Show description
|
| Forward References: |
Show 17 U.S. patent(s) that reference this one
|
|
|
|
|
|
|
| Foreign References: |
None
|
| Other References: |
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. *
"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-24,354 "A Method for Validating Specified Prices on Real Property" by William E. Cheetam and Piero P. Bonissone.
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" by Piero P. Bonissone & William E. Cheetam.
|
|
 Nominate this for the Gallery...
|
|
