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 Title: |
US6609118:
Methods and systems for automated property valuation
[ Derwent Title ]
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| Country: |
US United States of America
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| Inventor: |
Khedkar, Pratap Shankar; Philadelphia, PA
Bonissone, Piero Patrone; Schenectady, NY
Golibersuch, David Clarence; Schenectady, NY
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| Assignee: |
General Electric Company, Schenectady, NY
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| Published / Filed: |
2003-08-19
/ 1999-06-21
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| Application Number: |
US1999000337284
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| IPC Code: |
Advanced:
G06Q 10/00;
Core:
more...
IPC-7:
G06F 17/00;
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| ECLA Code: |
G06Q10/00F;
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| U.S. Class: |
Current:
705/036.R;
705/010;
705/026;
705/027;
705/030;
705/035;
705/037;
705/038;
707/010;
707/100;
707/200;
Original:
705/400;
705/010;
705/030;
705/035;
705/036;
705/037;
705/038;
705/026;
705/027;
707/010;
707/100;
707/200;
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| Field of Search: |
705/400,10,30,35,36,37,38,26,27
707/200,100,10
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| Priority Number: |
| 1999-06-21 |
US1999000337284 |
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| Abstract: |
The present invention is a method and system for automating the process for valuing a property that produces an estimated value of a subject property, and a quality assessment of the estimated value, that is based on the fusion of multiple processes for valuing a property. In one embodiment, three processes for valuing a subject property are fused. The first process, called LOCVAL, uses the location and living area to provide an estimate of the subject property's value. The second process, called AIGEN, is a generative artificial intelligence method that trains a fuzzy-neural network using a subset of cases from a case-base, and produces a run-time system to provide an estimate of the subject property's value. The third process, called AICOMP, uses a case based reasoning process similar to the sales comparison approach to determine an estimate of the subject property's value.
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| Attorney, Agent or Firm: |
Bernard, PLLC, Christoper L. ;
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| Primary / Asst. Examiners: |
Trammell, James P.; Sherr, C Owen
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| Maintenance Status: |
E1 Expired Check current status
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| INPADOC Legal Status: |
Show legal status actions
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| Family: |
None
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First Claim:
Show all 26 claims |
What is claimed is:
1. A method of utilizing a fused estimate for estimating the value of a subject property and providing a quality measure of the estimated value, said method comprising the steps of:
- providing a first system capable of utilizing a first valuation methodology to provide a first estimate of the value of the subject property and a first reliability measure of the first estimate;
- providing a second system capable of utilizing a second valuation methodology to provide a second estimate of the value of the subject property and a second reliability measure of the second estimate;
- obtaining from said first system a first estimate of the value of the subject property;
- obtaining from said first system a first reliability measure of said first estimate;
- obtaining from said second system a second estimate of the value of the subjected property;
- obtaining from said second system a second reliability measure of said second estimate;
- automatically providing the fused estimate of the value of the subject property based on said first estimate and said second estimate; and
- automatically providing a quality measure of said fused estimate based on said first reliability measure and said second reliability measure,
- wherein the first valuation methodology and the second valuation methodology comprise different valuation methodologies, and wherein the fused estimate is capable of providing a better estimate of the value of the subject property than an individual estimate of the subject property produced by using a single valuation methodology alone.
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| Background / Summary: |
Show background / summary
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| Drawing Descriptions: |
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| Description: |
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| Forward References: |
Show 11 U.S. patent(s) that reference this one
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| Foreign References: |
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Publication |
Date |
IPC Code |
Assignee |
Title |
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WO000020035520
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2002-03 |
G06F 17/60
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| Other References: |
Valentine, Automated Valuation Models Speed the Appraisal Process. [retrieved on Apr. 9, 2002]. Retrieved from the Internet:<URL: http//www.banking.com/aba/mortgage_0199.asp>.
(16 pages)
Cited by 10 patents
[ISI abstract]
O'Rourke, Automated Valuation Models--threat and opportunity. Appraisal today [online], Sep. 1998 [retrieved on Apr. 9, 2002 ]. Retrieved from the Internet:<URL: http//www.appraisaltoday.com/avms.htm>.
(16 pages)
Cited by 10 patents
[ISI abstract]
O'Rourke, Where Have We Been and Where Are We Going? O'Rourke's predictions for 1999. Appraisal Today [online], Jan. 1999 [retrieved on Apr. 9, 2002]. Retrieved from the Internet:<URL: http://www.appraisaltoday.com/sample1.htm>.
(16 pages)
Cited by 10 patents
[ISI abstract]
Case Shiller Weiss, [retrieved on Apr. 9, 2002] Retrieved from the Internet: <URL: http://www.cswcasa.com/>.
(16 pages)
Cited by 10 patents
[ISI abstract]
Automated valuation models spped the appraisal process (Http://www.banking.com/aba/mortgate).*
(16 pages)
Cited by 10 patents
[ISI abstract]
Automated valuation models--threat and Opportunity (Appraisal Today, Oct. 1999).
(16 pages)
Cited by 10 patents
[ISI abstract]
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