Real estate appraisal using predictive modeling
DC CAFCFirst Claim
1. A computer-implemented process for appraising a real estate property, comprising the steps of:
- collecting training data;
developing a predictive model from the training data;
storing the predictive model;
obtaining individual property data for the real estate property;
generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model;
developing an error model from the training data;
storing the error model; and
generating a signal indicative of an error range for the appraised value responsive to application of the individual property data to the stored error model.
19 Assignments
Litigations
2 Petitions
Accused Products
Abstract
An automated real estate appraisal system (100) and method generates estimates of real estate value using a predictive model such as a neural network (908). The predictive model (908) generates these estimates based on learned relationships among variables describing individual property characteristics (905) as well as general neighborhood characteristics at various levels of geographic specificity (906). The system (100) may also output reason codes indicating relative contributions (1009) of various variables to a particular result, and may generate reports (701) describing property valuations, market trend analyses, property conformity information, and recommendations regarding loans based on risk related to a property.
447 Citations
20 Claims
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1. A computer-implemented process for appraising a real estate property, comprising the steps of:
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collecting training data; developing a predictive model from the training data; storing the predictive model; obtaining individual property data for the real estate property; generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model; developing an error model from the training data; storing the error model; and generating a signal indicative of an error range for the appraised value responsive to application of the individual property data to the stored error model. - View Dependent Claims (2)
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3. A computer-implemented process for appraising a real estate property, comprising the steps of:
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collecting training data; developing a predictive model from the training data; storing the predictive model; obtaining individual property data for the real estate property; generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model; developing a lower percentile error model from the training data; developing an upper percentile error model from the training data; storing the lower percentile error model; storing the upper percentile error model; generating a signal indicative of a lower bound value for the real estate property responsive to application of the obtained individual property data to the stored lower percentile error model; and generating a signal indicative of an upper bound value for the real estate property responsive to application of the obtained individual property data to the stored upper percentile error model. - View Dependent Claims (4)
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5. A computer-implemented process for appraising a real estate property, comprising the steps of:
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obtaining individual property training data describing past real estate sales; aggregating the obtained property training data into area training data sets, each area training data set describing a plurality of sales within a geographic area; developing a predictive model from the training data; storing the predictive model; obtaining individual property data for the real estate property; and generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model. - View Dependent Claims (6)
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7. A computer-implemented process for appraising a real estate property, comprising the steps of:
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collecting training data; performing the iterative substeps of; applying input data to a predictive model; ranking output data produced thereby responsive to a measure of quality; and adjusting operation of the model responsive to the results of the ranking substep; storing the predictive model; obtaining individual property data for the real estate property; and generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model. - View Dependent Claims (8)
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9. A computer-implemented process for appraising a real estate property, comprises the steps of:
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selecting a geographic area surrounding the real estate property; obtaining area data for the geographic area; collecting training data; developing a predictive model from the training data; storing the predictive model; obtaining individual property data for the real estate property; and generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data and the obtained area data to the stored predictive model. - View Dependent Claims (10, 11, 12, 13)
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14. A computer-implemented process for appraising a real estate property, comprising the steps of:
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collecting training data; developing a predictive model from the training data; storing the predictive model; obtaining individual property data for the real estate property, the individual property data comprising a plurality of elements; generating a signal indicative of an appraised value for the real estate property responsive to application of the obtained individual property data to the stored predictive model; and for each element of the individual property data; determining a relative contribution of the element to the appraised value; determining from each relative contribution a reason code value; and generating a signal indicative of the reason code value.
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15. A system for appraising a real estate property, comprising:
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a predictive model for determining an appraised value for the real estate property; training data input means, coupled to the predictive model, for obtaining training data; training data aggregation means, coupled to the training data input means, for aggregating the training data into training data sets, each training data set describing a plurality of sales within a geographic area; a model development component, coupled to the predictive model, for training the predictive model from the training data; a storage device for storing the trained predictive model; individual property data input means, coupled to the predictive model, for obtaining individual property data and sending the individual property data to the predictive model; area data input means, coupled to the individual property data input means and to the predictive model, for selecting a geographic area surrounding the real estate property, obtaining area data, and sending the area data to the predictive model; and an output device, coupled to the predictive model, for generating a signal indicative of the appraised value. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification