Method and apparatus for image data based valuation
View Patent ↗The present invention teaches methods and apparatus for capturing image of a subject property and utilizing the captured image data to determine a value of the subject property. In some embodiments, one or more of VideoDriveBy and VideoWalkABout are included in the captured image data. The captured image data can support a valuation of loan collateral.
1. A method for disbursing loan funds, the method comprising the steps of:
receiving into a computerized device, digital data indicative of a value of a property in a first state and in a second state, wherein the second state comprises a state after completion of one or more specified conditions precedent related to the property, wherein at least the value of the property in the first condition is based upon electronic image data;
indicating in the computerized device a first loan amount secured by the property and based upon the first value of the property;
receiving digital image data of a portion of the property associated with completion of one or more of the specified conditions and a geospatial designation of a place of capture of the image, wherein the geospatial designation comprises a latitude and longitude value;
indicating in the computerized device a schedule of one or more disbursements of funds correlating with the one or more conditions precedent related to the property and receipt of the digital image data quantifying the completion of the one or more specified conditions; and
recording in the computerized device a disbursement of the first loan amount.
2. The method of claim 1 additionally comprising the steps of receiving the digital image data quantifying completion of at least one of the one or more conditions precedent; and disbursing a second loan amount.
3. The method of claim 2 wherein the one or more conditions precedent comprise improvements to a structure located on the property.
4. The method of claim 3 additionally comprising the step of receiving an electronic request for a disbursement of loan funds, wherein the request includes a description of a condition precedent which that has been met which supports the request for the disbursement of loan funds;
receiving digital image data in support of the request for the disbursement of loan funds; and
disbursing funds based upon the request for the disbursement of funds and the digital image.
5. The method of claim 4 wherein the disbursement of funds comprises an electronic transfer of funds into a predetermined financial account.
6. The method of claim 1 additionally comprising the step of providing digital data indicating a date and time during which the digital image data was captured.
7. The method of claim 1 wherein the first loan amount comprises a purchase money mortgage amount for a real estate property.
8. The method of claim 1 wherein the first loan amount is between about 90% and 110% of the purchase amount for the property.
9. A method of ascertaining a value of a subject property, the method comprising the steps of:
associating the subject property with a geospatial designation;
receiving image data captured by an image data capture device and descriptive of the subject property;
receiving digital data descriptive of a geospatial location of the image data capture device at the time of acquisition of the image data, wherein the geospatial location comprises a latitude and longitude value; and
estimating a value of the subject property based, at least in part, upon the image data descriptive of the subject property and the geospatial location of the image capture device verifying the subject property.
10. The method of claim 9 additionally comprising the step of:
receiving digital data descriptive of a time and date of acquisition of the image data descriptive of the subject property.
11. The method of claim 10 additionally comprising the step of:
receiving digital data descriptive of a unique identifier of the image data capture device and determining the image capture device is an authorized for data capture based upon the unique identifier.
12. The method of claim 11 additionally comprising the step of:
authorizing a financial loan amount based, at least in part, upon the image data received and the digital data descriptive of the time and date of acquisition.
13. The method of claim 9 additionally comprising the step of:
storing the image data descriptive of the subject property; and
accessing the digital data descriptive of the subject property in correlation with valuation of a real property other than the subject property.
14. The method of claim 9 wherein the image data comprises composite image data acquired via a VideoDriveBy.