US5857174A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Real estate appraisal method and device for standardizing real property marketing analysis by using pre-adjusted appraised comparable sales
Assignee: Individual
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Filing: 1997-11-21
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Granted: 1999-01-05
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Expires: 2017-11-21
Abstract
Abstract A real estate appraisal method in which the buyer of a property assigns points to a subject property and each comparable property based upon an Ideal Point System (IPS). The points assigned, or IPS values, are based upon the desirability factors for each of five categories of criteria. The total possible IPS value for any property is 100, corresponding to 100 per cent desirability. Once the buyer's IPS values are determined, the property may be subsequently used as a comparable property. The appraiser need only select a subject property and obtain IPS values for the subject property. The sales price of each comparable property is then adjusted based upon the relative difference between the IPS values for the comparable properties and the IPS values of the subject property, by dividing the total IPS value for each comparable property with the IPS value for the subject property to obtain a composite adjustment ratio. The adjustment ratio for each comparable property is then multiplied by the sales price to obtain an adjusted sales price. Any greatly divergent adjusted sales prices are discarded, and the average adjusted sales price is determined. The average adjusted sales price is used as the appraised value for the subject property.
Inventors
- 👤 John W. Dugan
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-30 23:04
CPC Classifications
G; G06; G06Q; G06Q30/00; G06Q30/06; G06Q50/00; G06Q50/10; G06Q50/16
Claims Analysis
Total Claims: 17
Claim 1
Independent Claim
194 words
A computer system for appraising a subject property, comprising: means for selecting at least one comparable property having a sales price; means for creating a plurality of categories, each category associated with a feature of the subject property; means for assigning an ideal value to each category; means for selecting, for each said comparable property, an appraiser value for each category, the appraiser value being no greater than the ideal value; means for selecting, for the subject property, a seller value and an appraiser value based upon the seller value for each category, the seller value and appraiser value each being no greater than the ideal value; means for determining the total appraiser value for each said comparable property and said subject property; means for determining an adjusted sales price for each said comparable property which represents the relationship between each said comparable property and said subject property based upon the determined total appraiser value for each said comparable property and the total appraiser value for said subject property; and, means for determining an appraised value for the subject property based upon an analysis of the adjusted sales price for each said comparable property.
Claim 2
Dependent Claim
194 words
A computer system for appraising a subject property, comprising: means for selecting at least one comparable property having a sales price; means for creating a plurality of categories, each category associated with a feature of the subject property; means for assigning an ideal value to each category; means for selecting, for each said comparable property, an appraiser value for each category, the appraiser value being no greater than the ideal value; means for selecting, for the subject property, a seller value and an appraiser value based upon the seller value for each category, the seller value and appraiser value each being no greater than the ideal value; means for determining the total appraiser value for each said comparable property and said subject property; means for determining an adjusted sales price for each said comparable property which represents the relationship between each said comparable property and said subject property based upon the determined total appraiser value for each said comparable property and the total appraiser value for said subject property; and, means for determining an appraised value for the subject property based upon an analysis of the adjusted sales price for each said comparable property.
Claim 3
Dependent Claim
29 words
The computer system of claim 1, further comprising a database for storing records, each record comprising information regarding said comparable property and the appraisal value for said comparable property.
Claim 4
Dependent Claim
15 words
The computer system of claim 1, wherein a computer processor comprises each means for determining.
Claim 5
Dependent Claim
24 words
The computer system of claim 1, further comprising a display screen for displaying information and a manually-operable input unit for receiving commands and information.
Claim 6
Dependent Claim
14 words
The computer system of claim 1, further comprising means for displaying the appraisal value.
Claim 7
Dependent Claim
14 words
The computer system of claim 1, wherein three to five comparable properties are selected.
Claim 8
Dependent Claim
17 words
The computer system of claim 1, wherein the appraiser value is based upon a typical buyer value.
Claim 9
Independent Claim
165 words
A method for appraising a subject property comprising: selecting at least one comparable property having a sales price; creating a plurality of categories, each category associated with a feature of the subject property; assigning an ideal value to each category; selecting, for each said comparable property, an appraiser value for each category, the appraiser value being no greater than the ideal value; selecting, for the subject property, a seller value and an appraiser value based upon the seller value for each category, the seller value and appraiser value each being no greater than the ideal value; determining an adjusted sales price for each said comparable property, the adjusted sales price representing the relationship between each said comparable property and the subject property based upon the selected appraiser values for each said comparable property and the selected appraiser values for the subject property; and, determining an appraised value for the subject property based upon an analysis of the adjusted sales price for each said comparable property.
Claim 10
Independent Claim
165 words
A method for appraising a subject property comprising: selecting at least one comparable property having a sales price; creating a plurality of categories, each category associated with a feature of the subject property; assigning an ideal value to each category; selecting, for each said comparable property, an appraiser value for each category, the appraiser value being no greater than the ideal value; selecting, for the subject property, a seller value and an appraiser value based upon the seller value for each category, the seller value and appraiser value each being no greater than the ideal value; determining an adjusted sales price for each said comparable property, the adjusted sales price representing the relationship between each said comparable property and the subject property based upon the selected appraiser values for each said comparable property and the selected appraiser values for the subject property; and, determining an appraised value for the subject property based upon an analysis of the adjusted sales price for each said comparable property.
Claim 11
Dependent Claim
46 words
The method of claim 8, wherein the step of selecting an appraiser value is performed at about a time said comparable property is sold and the step of determining an adjusted sales price for each said comparable property is performed after a subject property is selected.
Claim 12
Dependent Claim
15 words
The method of claim 8, further comprising the step of displaying the determined appraisal value.
Claim 13
Dependent Claim
86 words
The method of claim 8, further comprising the step of determining the total appraiser value for each said comparable property and for the subject property and wherein the step of determining an adjusted sales prices comprises the step of determining an adjusted sales price for each said comparable property, the adjusted sales price representing the relationship between each said comparable property and the subject property based upon the determined total appraiser value for each said comparable property and the total appraiser value for the subject property.
Claim 14
Dependent Claim
13 words
The method of claim 8, wherein three to five comparable properties are selected.
Claim 15
Dependent Claim
16 words
The method of claim 8, wherein the appraiser value is based upon a typical buyer's value.
Claim 16
Independent Claim
97 words
A method for appraising a subject property comprising: selecting at least one comparable property, each at least one comparable property having a sales price; creating a plurality of categories, each category associated with a feature of the subject property; assigning an ideal value to each category; selecting, for each said comparable property and the subject property, an input value for each category, the input value being no greater than the ideal value; determining an appraised value for the subject property based upon an analysis of the input values for each said comparable property and the subject property.
Claim 17
Independent Claim
97 words
A method for appraising a subject property comprising: selecting at least one comparable property, each at least one comparable property having a sales price; creating a plurality of categories, each category associated with a feature of the subject property; assigning an ideal value to each category; selecting, for each said comparable property and the subject property, an input value for each category, the input value being no greater than the ideal value; determining an appraised value for the subject property based upon an analysis of the input values for each said comparable property and the subject property.
References Cited (Backward Citations)
USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-01-04 | 2002-07-06 | 2003-01-05 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-01-04 | 2006-07-06 | 2007-01-05 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-01-04 | 2010-07-06 | 2011-01-05 | $7700.00 | Window Closed / Lapsed |