Evaluating condominium appraisals using project as location effect

US11010796B2 · kind B2 · utility

Assignee

• Fannie Mae · US

Inventors

• John Treadwell · Washington, US
• Eric Rosenblatt · Derwood, US
• Jesse Staal · Washington, US
• Lin Feng · Kaohsiung, TW
• Weifeng Wu · Arlington, US

Key dates

• Filing date: Jul 28, 2014
• Grant date: May 18, 2021
• Expiry date: May 1, 2037

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q50/16
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Modeling appropriate comparable properties for the assessment of appraisals entails accessing a property dataset, wherein subsets of properties represented in the property data are determined to be members of respective condominium projects. Condominium project identification information is scrubbed, standardized and updated using various techniques. An automated valuation model is applied to the property data, preferably implementing the condominium project variable as a location fixed effect variable. Appraisal reports where the subject property is a condominium are then analyzed using the results of the automated valuation model, including but not limited to ranking and displaying the appraiser-chosen comparables among the model-chosen comparables.