(19) United StateS
`(12) Patent Application Publication
`Weiss
`
`(54) PROPERTY RATING AND RANKING
`SYSTEM AND METHOD
`
`(76)
`
`Inventor: Allan N. Weiss, Cambridge, MA(US)
`
`Correspondence Address:
`David M. Mello
`McDermott, Will R Emery
`28 State Street
`Boston, MA 02109 (US)
`
`(21) Appl. No. :
`
`09/919, 110
`
`(22) Filed:
`
`Jul. 31, 2001
`
`IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
`US 20020035520A1
`
`(10) Pub. No. : US 2002/0035520 A1
`Mar. 21, 2002
`(43) Pub. Date:
`
`No. 60/222, 514, filed on Aug. 2, 2000. Non-provi-
`sional of provisional
`application No. 60/222, 453,
`filed on Aug. 2, 2000. Non-provisional of provisional
`application No. 60/222, 397, filed on Aug. 2, 2000.
`of provisional
`application No.
`Non-provisional
`60/222, 493, filed on Aug. 2, 2000. Non-provisional of
`provisional application No. 60/222, 516, filed on Aug.
`of provisional
`2, 2000. Non-provisional
`application
`No. 60/222, 513, filed on Aug. 2, 2000. Non-provi-
`sional of provisional
`application No. 60/231, 928,
`filed on Sep. 11, 2000.
`
`Publication Classification
`
`Related U. S. Application Data
`
`(51) Int. Cl.
`(52) U. S. Cl.
`
`G06F 17/60
`. . . . 705/27; 705/26; 705/38
`
`of provisional
`application No.
`(63) Non-provisional
`60/222, 517, filed on Aug. 2, 2000. Non-provisional of
`provisional application No. 60/222, 400, filed on Aug.
`of provisional
`2, 2000. Non-provisional
`application
`No. 60/222, 391, filed on Aug. 2, 2000. Non-provi-
`sional of provisional
`application No. 60/222, 515,
`filed on Aug. 2, 2000. Non-provisional of provisional
`application No. 60/222, 401, filed on Aug. 2, 2000.
`of provisional
`application No.
`Non-provisional
`60/222, 399, filed on Aug. 2, 2000. Non-provisional of
`provisional application No. 60/222, 452, filed on Aug.
`of provisional
`2, 2000. Non-provisional
`application
`
`(57)
`
`ABSTRACT
`
`A system
`a core
`is provided
`includes
`and method
`that
`property valuation system and one or more functional mod-
`ules. Variously,
`the modules facilitate automatic adjustment
`of an equity line of credit, generation and management of an
`equity credit card, unsecured debt conversion
`to an equity
`loan, rapid closing of a conforming
`loan, automated PMI
`for buyers
`removal, property
`rating
`ranking
`and
`and/or
`and alerts, relocation alerts, relocation
`sellers, evaluation
`tradeotfs, and broker evaluations.
`forecasting, property
`
`START
`
`250
`
`OBTAIN PROPERTY
`VALUATION 252
`
`DETERMINE EQUITY 254
`
`READ IN BORROWER &
`PROPERTY MORTGAGE
`INFORMATION 260
`
`DETERMINE EQUITY LOAN
`ADJUSTMENT 256
`
`READ REQUIRED LOAN TO
`VALUE RATIO 262
`
`Yes
`
`COMMUNICATE
`OPPORTUNITYTO
`BORROWER 264
`
`BORROWER &
`PROPERTYMEET
`LENDING RQMNTS?
`258
`
`BORROWER
`ASSENTS TO EQUI
`LOAN?
`266
`
`No
`
`No
`
`Yes
`
`RESET ALARM 270
`
`PROCESS EQUITY LOAN
`268
`
`TRULIA - EXHIBIT 1005
`
`

`

`Patent Application Publication Mar. 21, 2002 Sheet 1 of 19
`
`US 2002/0035520 A1
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`Patent Application Publication Mar. 21, 2002 Sheet 5 of 19
`
`US 2002/0035520 A1
`
`START
`
`250
`
`OBTAIN PROPERTY
`VALUATION 252
`
`DETERMINE EQUITY 254
`
`READ IN BORROWER &
`PROPERTY MORTGAGE
`INFORMATION 260
`
`DETERMINE EQUITY LOAN
`ADJUSTMENT 256
`
`READ REQUIRED LOAN TO
`VALUE RATIO 262
`
`BORROWER &
`P ROPERTY MEET
`LENDING RQMNTS?
`258
`
`Yes
`
`COMMUNICATE
`OPPORTUNITY TO
`BORROWER 264
`
`BORROWER
`ASSENTS TO EQUI
`LOAN?
`266
`
`No
`
`Yes
`
`RESET ALARM 270
`
`PROCESS EQUITY LOAN
`268
`
`

`

`Patent Application Publication Mar. 21, 2002 Sheet 6 of 19
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`US 2002/0035520 A1
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`Patent Application Publication Mar. 21, 2002 Sheet 10 of 19 US 2002/0035520 A1
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`Patent Application Publication Mar. 21, 2002 Sheet 11 of 19 US 2002/0035520 A1
`
`750
`
`START
`
`IDENTIFY PROPERTY/
`PROPERTIES 752
`
`RATING?
`754
`
`Yes
`
`DEFINE, EDIT OR
`OBTAIN RATING
`CRITERIA 756
`
`No
`
`RANKING?
`760
`
`Yes
`
`DEFINE, EDIT OR /
`OBTAIN RANKING
`CRITERIA 762
`
`RATE PROPERTY/
`PROPERTIES 758
`
`RANK PROPERTY/
`PROPERTIES 764
`
`760
`
`754
`
`END
`
`

`

`Patent Application Publication Mar. 21, 2002 Sheet 12 of 19 US 2002/0035520 A1
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`US 2002/0035520 A1
`
`Mar. 21, 2002
`
`PROPERTY RATING AND RANKING SYSTEM
`AND METHOD
`
`CROSS REFERENCE TO RELATED
`APPLICATIONS
`[0001] This application claims the benefit of priority from
`the following, commonly owned U. S. Provisional Patent
`Applications:
`[0002] Ser. No. 60/222, 517, filed Aug. 2, 2000,
`entitled Property Analysis and Management System
`and Method;
`[0003] Ser. No. 60/222, 400, filed Aug. 2, 2000,
`entitled Automatically Adjusting Equity Loan Sys-
`tem and Method;
`[0004] Ser. No. 60/222, 391, filed Aug. 2, 2000,
`entitled Equity Card System and Method;
`[0005] Ser. No. 60/222, 515, filed Aug. 2, 2000,
`entitled Unsecured Debt Conversion System and
`Method;
`[0006] Ser. No. 60/222, 401, filed Aug. 2, 2000,
`entitled Rapid Close Conforming Loan System and
`Method;
`[0007] Ser. No. 60/222, 399, filed Aug. 2, 2000,
`PMI Removal System
`entitled Automated
`and
`Method;
`[0008] Ser. No. 60/222, 452, filed Aug. 2, 2000,
`entitled Property Rating and Ranking System and
`Method;
`
`[0009] Ser. No. 60/222, 514, filed Aug. 2, 2000,
`and Alert System and
`entitled Property Evaluation
`Method;
`
`[0010] Ser. No. 60/222, 453, filed Aug. 2, 2000,
`entitled Seller-Based Property Rating System and
`Method;
`
`[0011] Ser. No. 60/222, 397, filed Aug. 2, 2000,
`entitled Relocation Alert System and Method;
`
`[0012] Ser. No. 60/222, 493, filed Aug. 2, 2000,
`entitled Relocation Forecasting System and Method;
`[0013] Ser. No. 60/222, 516, filed Aug. 2, 2000,
`entitled Property TradeoK System and Method;
`[0014] Ser. No. 60/222, 513, filed Aug. 2, 2000,
`entitled Broker Evaluation System and Method; and
`
`[0015] Ser. No. 60/231, 928, filed Sep. 11, 2000,
`entitled Property Guaranteed Valuation System and
`Method.
`
`FIELD OF THE INVENTION
`[0016] The present
`to auto-
`relates
`invention generally
`mated processing computer systems. More specifically,
`the
`relates
`to computer-based
`invention
`present
`systems and
`methods for facilitating evaluations and transactions
`relating
`to real and other properties.
`
`BACKGROUND OF THE INVENTION
`the proliferation of the Internet and World
`[0017] With
`Wide Web ("Web"), many individuals
`and organizations
`are
`
`rushing on-line to provide information
`to a
`and applications
`growing number of Web enabled recipients. Often, an orga-
`like a business, will adapt its traditional business
`nization,
`to include Web access. For example, many e-com-
`model
`to place orders on-line. As
`merce sites allow consumers
`another example, information providers may allow access to
`such as news, via
`information,
`the Web,
`to
`in addition
`traditional print or television mediums. That is, users can
`accomplish with a computer platform what
`they typically
`have accomplished by other means. In commercial models,
`to consumer ("B2C"), busi-
`relationships may be business
`("B2B"), or consumer
`to consumer
`ness
`to business
`("C2C").
`
`[0018] In a real estate context, there has been a migration
`of traditional
`to the Web. As examples, clas-
`sales models
`sified adds, broker adds or multiple
`service
`listings are
`available on the Web through a variety of sites. Areal estate
`site may include
`links to mortgage companies,
`advertising
`banks, credit reporting
`agencies, home
`inspectors, home
`appraisers, or contractors Web sites. Some real estate related
`sites may also include a mortgage calculation engine
`that
`the user to get an idea of the amount of loan they
`allows
`could obtain. Such sites may also include links to real estate
`sales data providers, such as the Banker and Tradesman
`(at
`corn).
`www. bankerandtradesman.
`
`[0019] Additionally,
`real
`estate
`automated
`valuation
`real estate appraisals or
`engines may be used to generate
`property valuations, whether via a Web site or other system.
`typically generate property valua-
`Such valuation engines
`tions based on property characteristics, prior sales of the
`location, and recent sales of nearby prop-
`subject property,
`erties. These are typically systems that provide an automated
`traditionally used.
`to the pen and paper methods
`alternative
`of traditional
`[0020] Automation
`business models
`and
`in certain contexts
`to the Web is useful, although
`migration
`limited. In the real estate context, such migration has pro-
`vided a wider scale of access to consumers and real estate
`professionals. However, much of this takes the limited form
`of providing a diKerent medium
`infor-
`to present traditional
`mation and services.
`
`[0021] Typical Web based real estate systems oKer very
`little in the way of analytical
`tools that may assist buyers,
`sellers and brokers, for example,
`in using and interpreting
`the significant amount of real estate data becoming available
`on-line.
`
`SUMMARY OF THE INVENTION
`
`[0022] A system
`in accordance with
`and method
`the
`includes a core property valuation system
`present invention
`and a set of modular
`that makes use of corre-
`functionality
`to generate property value
`sponding property valuations
`related information or perform property value related func-
`tions. This modular functionality may be B2B, B2C, or C2C
`oriented, as examples, depending on the configuration of the
`system. Such a system may include any combination of the
`several components or functional modules described below.
`
`[0023] Preferably, a system in accordance with the present
`system, or at least includes an
`is a network-based
`invention
`to allow access
`to
`interface
`the various
`functionality
`described herein by network enabled devices. As a network-
`based system, access need not be open public access, but
`
`

`

`US 2002/0035520 A1
`
`Mar. 21, 2002
`
`to those individuals or
`rather could be selectively restricted
`organizations
`having memberships with a corresponding
`to purchase access to
`service provider or to those willing
`in various other manners,
`such functionality
`such as on a
`transaction basis.
`
`[0024] A system in accordance with the present invention
`may be configured for access by any of a number of network
`enabled devices (or "client devices"). A client device may be
`any electronic device that is enabled
`to accomplish or take
`part in transactions via a network. For example,
`the client
`device may be a personal computer (PC), such as a work-
`station, desktop or laptop system, or a server. The client
`device may also be any of a variety of other devices, such
`(PDA), e-mail device, tele-
`as a personal digital assistant
`television
`telephone, or networked enabled
`phone, cellular
`or appliance, as examples. Further, a system
`in accordance
`invention may be accessible over any of a
`with the present
`variety of networks, such as the Internet, World Wide Web
`(the "Web"), intranets,
`local area networks
`extranets,
`(LANs), wide area networks
`(WANs), private networks,
`(VPNs), and so forth, or any com-
`virtual private networks
`thereof.
`bination
`
`[0025] The core property valuation
`includes
`system
`a
`processing device (e. g. , one or more servers) having access
`to one or more databases of historical real estate sales and
`information. For example,
`real estate characteristics
`the
`databases may include a set of property-based
`information
`for each of a large volume of property addresses,
`including
`such information as the number of bedrooms and bathrooms,
`square footage, lot size, and/or sales price for a property. The
`such as asking price,
`database may also include information
`time on market, and a record of olfers received. As will be
`in the art, data may also be
`appreciated by those skilled
`provided by third party sources, via a network. While
`the
`is described
`valuation
`primarily with
`system
`property
`the property valuation system could
`respect to real property,
`type of property
`to accommodate
`also be configured
`any
`is available.
`where sales and characteristics
`information
`
`[0026] An application system may be linked to the prop-
`system and include or access various com-
`erty valuation
`panion functional modules. For the most part, the functional
`modules, as described below, are configured
`to generate
`certain types of information or perform certain tasks using
`from
`information provided
`the property valuation
`system
`information. The application system may
`and other relevant
`serve as a local, front end system
`to the property valuation
`system and the property valua-
`system. Or, the application
`tion system may be independent
`systems, wherein
`the appli-
`to access the property
`cation system may be configured
`valuation system as needed via any of a number of standard
`as described
`and communication
`form networks
`links,
`above.
`
`set of data (or a database) may be
`[0027] A supplemental
`that facilitates a correlation between sales data in
`included
`system database and other financial
`the property valuation
`information or economic indicators, such as interest rates,
`rate, or any of a number
`inflation, GNP, CPI, unemployment
`of other such types of data. This supplemental
`data may be
`system or by a third party
`provided with
`the application
`system.
`
`[0028] An automatically
`loan (AAEL)
`adjusting
`equity
`system and method in accordance with the present invention
`
`provides a means in, for example, a real property context for
`a line of credit to be established or an existing line of credit
`to be adjusted with respect to equity
`in a subject property
`(e. g. , the property owner's home). Generally, property value,
`increases over time, although periods
`and therefore equity,
`of decreases may be experienced
`time to time. The
`from
`AAEL system automatically
`increases the limit on the equity
`line of credit accordingly. If equity
`in the subject property
`decreases due to, for example, a drop in market values, an
`line of credit could be
`limit on a
`existing borrowing
`if desired.
`decreased accordingly,
`
`[0029] The AAEL system includes or accesses an account
`system and accesses
`the property valuation
`management
`system. The account management
`system may be the system
`of a lender with which an equity loan is held and managed.
`The AAEL system accesses the property valuation
`system
`and the account management
`system to determine whether,
`based on a change in the value of a subject property,
`the limit
`on an equity line of credit may be adjusted higher (or lower).
`line of
`The AAEL system is configured
`to adjust the equity
`credit accordingly. A notification, such as an e-mail, may be
`sent to the property owner to alert the owner (and gain the
`owner's consent if desired) to the change. The system could
`also be configured
`the borrower
`from
`to obtain approval
`before increasing
`the limit, which could be accomplished
`third party data sources
`electronically.
`to the
`In addition
`interfaces to other third party systems
`mentioned previously,
`may also be included,
`that provide credit
`such as those
`reporting services and lending guidelines. The various sys-
`tems herein may be owned, controlled or operated by one or
`more entities.
`
`[0030] An equity card (EC) system and method
`in accor-
`dance with
`a means
`to
`invention
`the present
`provides
`line of credit for a client. The
`manage a chargeable equity
`line of credit is backed by a piece of property. The
`equity
`client is issued an equity card useful for typical credit card
`line of
`transactions
`and charges against
`the equity
`type
`credit. Charges against the equity card result in distributions
`line of credit, under control of the EC
`from
`the equity
`system. The EC system bills
`the client according
`to the
`existing balance of the equity line of credit. The EC system
`may be used to establish a fixed equity card line of credit, or
`the AAEL system
`in conjunction with
`it may be used
`line of
`previously discussed, which provides an adjustable
`credit. When the AAEL system
`is included, changes
`to the
`line of credit may be "pushed" or
`limit of the equity
`"pulled".
`
`[0031] An unsecured debt conversion (UDC) system and
`facilitates
`in accordance with the present
`method
`invention
`conversion of unsecured debt, such as typical credit card
`for example,
`to debts secured by a subject
`purchases,
`property. The amount of debt that may be secured may not
`in the subject property. As used
`be greater
`than the equity
`the term "conversion"
`to generating
`refers
`herein,
`a lien
`to secure
`against the subject property,
`typically real property,
`a given amount of existing unsecured debt. The UDC system
`as part of a financial services institu-
`may be implemented
`tion's account management
`system, such as the account
`system previously discussed.
`In other forms,
`management
`the UDC system may be implemented
`as a standalone
`interfaced with providers of mortgage,
`loan, and/or
`system
`lien information.
`
`

`

`US 2002/0035520 A1
`
`Mar. 21, 2002
`
`the balance of all mort-
`[0032] The UDC system obtains
`from, for
`gages and equity loans against a subject property
`example, an account management
`system. Additionally,
`the
`UDC system obtains a current automated property valuation
`from the property valuation system. Using this information,
`the UDC calculates amount of available equity in the subject
`the dilference between valuation
`as
`and debt
`property,
`the subject property. The UDC system uses
`against
`the
`amount of equity
`the amount of
`to determine whether
`unsecured debt can be converted. Part of this determination
`may include checking credit reporting
`related to
`information
`relevant financial, tax and/or
`the client and applying
`lending
`guidelines. If the client assents
`to the debt conversion,
`the
`UDC system generates a lien against
`the subject property
`the amount of
`and distributes
`corresponding
`an amount
`previously unsecured debt. The UDC system may be con-
`to pay unsecured debt by electronic means. Gener-
`figured
`ating a lien includes generating
`typical documentation
`that
`may be recorded with a registry of deeds, for example. The
`debt conversion opportunity may be pushed or pulled. In the
`case of pushing, an alert generator may be included
`that, for
`example, sends an e-mail alert to the client informing
`the
`client of the opportunity.
`[0033] A rapid close (RC) system and method
`in accor-
`dance with
`an automated
`invention provides
`the present
`for generating
`interest
`a loan amount
`means
`rate
`in
`and
`real-time for a conforming
`loan, with respect to
`substantially
`an automated valuation. The RC system may be a standalone
`system or it may be part of an account management
`system.
`system includes an account man-
`The account management
`ager module of a first lender seeking to provide a rapid close
`loan to a client seeking to purchase a subject
`first mortgage
`property. Upon request for a mortgage by a client via the
`the client's
`the RC system determines
`Internet, for example,
`for a loan for the subject property. The property
`eligibility
`for the
`valuation
`an automated valuation
`returns
`system
`the RC
`subject property. With
`valuation,
`the automated
`the client's eligibility
`for a mortgage,
`system determines
`If approved,
`the client is
`the relevant guidelines.
`applying
`notified, preferably via e-mail alert.
`
`ratio (LTV) of a
`if the loan
`[0034] Generally,
`to value
`loan is 80% or less, the loan is considered
`to be
`mortgage
`the loan is considered non-conform-
`conforming, otherwise
`lenders require that an appraiser visits the
`ing. Traditionally,
`subject property before the loan can be closed. Therefore,
`loan could not be quickly
`traditional models
`the
`using
`the RC
`closed, but
`it can be quickly guaranteed
`using
`is required
`for the
`system. When
`the traditional
`appraisal
`there will be two property valuations:
`subject property
`the
`automated valuation and the traditional appraisal. The auto-
`in real-time and
`is determined
`mated valuation
`substantially
`there may be a traditional appraisal which is conducted some
`real-time
`time after
`automated
`appraisal. Using
`the
`the
`a con-
`the client may be guaranteed
`automated valuation,
`loan, with respect to the automated property valu-
`forming
`ation. The loan amount and interest rate are guaranteed.
`
`if the traditional
`[0035] Ultimately,
`is less than
`appraisal
`to be
`the loan may be considered
`the automated valuation,
`non-conforming with respect to the traditional appraisal. In
`loan is given for an amount
`less
`such case, a first mortgage
`than the requested amount, yet conforming with respect to
`appraisal. This creates a shortfall
`traditional
`amount
`the
`between
`the requested
`loan amount and the first mortgage
`
`loan. A second loan amount
`and is issued to
`is determined
`cover the shortfall. The second loan is made to maintain
`the
`amount and interest rate.
`overall guaranteed
`[0036] If the interest rate of the second loan is greater than
`interest rate, the present value corresponding
`the guaranteed
`so that the guaranteed
`to that dilference may be determined
`for the second loan. That
`rate may be maintained
`interest
`is either paid up front as a fee, either by the
`present value
`client or by the first lender, or it may be waived by the
`second lender. As a result,
`the first lender can maintain
`its
`promise or guarantee of loaning a certain amount of money
`based on the automated appraisal and having a given interest
`if the second loan interest rate
`rate. In another embodiment,
`is above
`interest rate, the first lender may
`the guaranteed
`decrease
`rate such that the elfective
`the first loan interest
`rate across both loans is equal
`to the guaranteed
`interest
`interest rate.
`
`[0037] An automated PMI removal system and method
`in
`accordance with the present invention provides a means for
`from an
`automatically
`insurance
`removing private mortgage
`existing mortgage. The PMI removal system may be part of
`system or a standalone
`a mortgage account management
`system that interfaces with a mortgage account management
`system. The system also interfaces with the property valu-
`ation system. The account management
`system administers
`a client's underlying mortgage
`related PMI
`loan
`and
`account. The PMI removal system obtains a property valu-
`ation from
`system and obtains a
`the property valuation
`the account management
`mortgage balance
`from
`system.
`the LTV ratio
`The PMI removal system determines whether
`is 80% or less, for example. In one form, the PMI removal
`remove the PMI from the existing
`system may automatically
`the PMI removal system
`mortgage. In another embodiment,
`for the client, wherein
`may generate a new loan opportunity
`PMI would not be required given the LTV ratio. In removing
`the PMI or generating a new mortgage wherein PMI would
`the PMI removal system applies the necessary
`not required,
`federal
`and other
`regulations
`guidelines
`to ensure
`that
`are met. PMI removal opportunities may be
`requirements
`pushed or pulled.
`
`[0038] A property
`(R&R) system
`rating and ranking
`in
`accordance with the present
`invention provides an analysis
`ranking of a list of candidate
`and ultimately
`a rating and/or
`properties of interest
`list may be
`to a client. The candidate
`a client defined set of candidate properties, an R&R system
`thereof. If
`returned set of properties, or some combination
`in one or more specific properties
`the client is interested
`to the client, the client may build the client
`already known
`those addresses. Otherwise, a client buyer
`list by entering
`enters a set of candidate property criteria. The candidate
`property criteria may include any of a plurality of dilferent
`types of criteria commonly used by buyers or sellers (e. g. ,
`type, number of bedrooms,
`location, property
`geographic
`number of bathrooms,
`and so on). In this latter case, the
`R&R system queries available property
`listing systems and
`DBs to obtain a list of candidate properties
`substantially
`criteria. If the client
`the candidate
`satisfying
`property
`the R&R system may
`entered specific property addresses,
`(e. g. , typical
`query other systems
`to obtain
`information
`the candi-
`listing information) useful
`in rating and ranking
`date list. The R&R system, using
`from
`information
`listing
`the client entered addresses, may be configured
`to form a set
`of candidate property criteria and to perform a query to find
`
`

`

`US 2002/0035520 A1
`
`Mar. 21, 2002
`
`In such a case, the client's
`additional candidate properties.
`list may be augmented with
`candidate
`these additional
`candidate properties.
`[0039] Rating a candidate property
`involves assessing a
`property against a set of rating criteria and providing some
`objective rating indicia or designation based on that assess-
`ment. Rating criteria may be client defined or they may be
`predefined. Predefined criteria may be in the form of stan-
`dard template sets of criteria provided by the R&R system
`or they may be a set of industry accepted (or institutional-
`ized) rating criteria. Designations of institutionalized
`ratings
`may take any of a variety of forms, such as being designated
`a "Good Deal" or given a gold star, as examples. The R&R
`to form a set of rating criteria
`system may also be configured
`on behalf of the client in response
`to, at least in part, client
`information. Preferably, but not essentially, at least
`entered
`is related to automated property valua-
`one rating criterion
`tions. As an example, a rating criterion may be based on a
`comparison of the asking price of a property
`against a
`valuation provided by the property valuation system. In such
`for auto-
`a case, the property valuation
`is queried
`system
`mated property valuations of the candidate properties. As an
`if the asking price is at or below the automated
`example,
`the candidate property may be
`property valuation,
`then
`as a "Good Deal". Rating criteria may be
`designated
`weighted uniformly or individual criterion may be weighted
`dilferently.
`
`the R&R system,
`[0040]
`In accordance with
`ranking
`involves ordering a set of properties according
`to one or
`more of defined ranking criteria. Ranking of the candidate
`list may be accomplished or ranking may be accomplished
`list.
`in the candidate
`using properties beyond those provided
`For instance, a candidate property may be ranked ¹1 in % of
`among candidate properties (e. g. , 1 bed-
`list price/valuation
`room condos in Lexington, Mass. ), but may be ranked ¹50
`in % of list price/valuation
`among all condos in Lexington,
`Mass. The candidate
`list need not be rated
`to be ranked.
`list properties have been rated,
`However, when the candidate
`rating may serve as ranking criterion.
`candidate property
`Like rating criteria, ranking criteria may be client defined
`criteria. Ranking
`criteria or predefined
`criteria may be
`weighted uniformly or individual criterion may be weighted
`dilferently.
`
`[0041] A property evaluation and alert (E&A) system and
`in accordance with
`invention allows a
`method
`the present
`client to enter a set of candidate property criteria and receive
`alerts when one or more candidate properties
`automated
`is
`criteria
`the candidate property
`substantially
`satisfying
`located. The candidate property criteria may include any of
`a plurality of dilferent
`types of criteria commonly used by
`buyers or sellers (e. g. , geographic
`location, property
`type,
`number of bedrooms, number of bathrooms, and so on). The
`E&A system queries available property
`listing systems and
`DBs to obtain a list of candidate properties
`substantially
`the candidate property criteria. Such queries may
`satisfying
`be accomplished periodically or may be event driven. Event
`driven queries may be queries made in response
`to a client
`request or may be automatic queries made in response
`to a
`change in one or more economic indicators, as examples. As
`an example of periodic queries, a client may sign up for a
`service where queries are made hourly, daily, or weekly.
`When one or more candidate properties are found, an alert
`is sent from the E&A system
`to the client (e. g. , such as an
`
`e-mail via the Internet). The alert may include
`information
`links to Web sites where
`on the candidate properties,
`the
`properties are listed, or may simply
`the user to log
`inform
`into the E&A system
`informa-
`to view candidate property
`tion.
`[0042] The E&A system may be used in conjunction with
`the R&R system previously described. In such forms, can-
`to alerts.
`didate properties may rated and/or
`ranked prior
`And, alerts may be conditioned on at least one candidate
`rating or ranking.
`a certain minimum
`having
`property
`the client may also enter rating and/or ranking
`Accordingly,
`ranking criteria may be insti-
`criteria, or the rating and/or
`rating and/or ranking criteria. The E&A system
`tutionalized
`to keep a log of alerts sent to the client.
`may be configured
`The E&A system may also conduct any necessary billing of
`the client, if there is a fee for such services.
`[0043] A seller-based property
`rating and r