Real estate appraisal method and device for standardizing real p

Details Real estate appraisal method and device for standardizing real p Real estate appraisal method and device for standardizing real p

1997-11-21

1999-01-05

Cosimano, Edward R.

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

G06F 1760

Patent

active

058571744

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.

REFERENCES:
patent: 5361201 (1994-11-01), Jost et al.
patent: 5414621 (1995-05-01), Hough
patent: 5664115 (1997-09-01), Fraser

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