Valuation using credit score
View Patent ↗A method of appraising the value of a property based on obtaining a credit score of an owner of a property and assigning an ownership responsibility indicator to the property. The ownership responsibility indicator provides insight into the condition of the property without performing a complete inspection. A more accurate value of the property can then be determined.
1. A computer-implemented method of determining an appraised value of a property including the steps of:
a) receiving a request for an appraisal of the property;
b) determining an initial value of the property;
c) retrieving with a computer a credit score of an owner of a property from a computer database;
d) defining an ownership responsibility indicator for the property based on the credit score of the owner of the property;
e) obtaining property data for a plurality of comparable properties sold;
f) retrieving a credit score for each owner of the plurality of comparable properties sold;
g) defining an ownership responsibility indicator for the plurality of comparable properties sold based on the credit score of each owner of the plurality of comparable properties sold; and
h) calculating in the computer a—the appraised value of the property based on a value of the plurality of comparable properties sold having a similar ownership responsibility indicator.
2. The method of claim 1 wherein said steps e), and f) and g) are performed before step c).
3. The method as recited in claim 1 , wherein the plurality of comparable properties sold are determined by at least two of the following: geographic region, lot size, style of structure, age of structure, date of sale, and living space.
4. A computer-implemented method of determining an appraised value of a property including the steps of:
a) receiving a request for an appraisal of the property;
b) determining an initial value of the property;
c) retrieving in a computer a credit score of an owner of a property from a computer database;
d) defining an ownership responsibility indicator for the property based on the credit score of the owner of the property; and
e) calculating in the computer an appraised value of the property based on the initial value and based upon the ownership responsibility indicator.
5. The method of claim 4 wherein the initial value includes a value of a comparable property where the credit score of an owner of the comparable property is similar to the credit score of the property.
6. The method of claim 5 wherein the value of the comparable property is based upon a sale of the comparable property.
7. The method as recited in claim 5 , wherein the comparable property is determined to be comparable based upon at least two of the following: geographic region, lot size, style of structure, age of structure, date of sale, and living space.