Responsive confidence scoring method for a proposed valuation of aproperty
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United States of America Patent
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N/A
Issued Date -
Aug 4, 2005
app pub date -
Feb 3, 2004
filing date -
Feb 3, 2004
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A method of computing a confidence score in response to a suggested valuation of a property such as a home or townhouse, using a computer system. A customer identifies a property and suggests its valuation to the computer system. Using an automated valuation model, the computer system computes an automated valuation of the property and an automated confidence score in that valuation. The computer system also computes a percentage difference between the automated valuation and the suggested valuation. With this difference and with the automated confidence score, the computer system consults a reference table from which it retrieves a responsive confidence score which is then reported to the customer. The computer system prepares the reference table using an algorithm based on an automated valuation model and historical sale price data.
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