The present invention is directed to a system and method for managing a real estate and/or business transaction process between a buyer and a seller.
Real estate transactions, such as commercial real estate transactions and/or business transactions, can be time-consuming and filled with paperwork and inefficiencies. Often times, physical documents are transferred back and forth between buyers and sellers in an inefficient and confusing manner. Buyers may not be able to accurately determine the value and/or commercial potential of a property, and sellers may not be able to accurately determine the sales price of the property. Additionally, valuation can be inaccurate and a function of the entity actually performing the valuation. Accordingly, a system and method for managing a real estate and/or business transaction between a buyer and a seller is needed.
A computer-readable program product comprising a non-transitory computer-readable medium is provided. The computer-readable program product may include code for: receiving and processing information from a first seller and a first buyer regarding purchase price and other values related to a first commercial real estate transaction; populating a first offer or first counteroffer document with the information; generating the first offer or first counteroffer document; and providing the first offer or first counteroffer document to the first buyer or the first seller; providing the first seller or the first buyer the option to accept, reject, or counteroffer the first offer or the first counteroffer document; sending notification to the first seller or the first buyer regarding acceptance, rejection, or counteroffer of the first offer or the first counteroffer document; and displaying transaction history between the first buyer and the first seller related to the first commercial real estate transaction. Preferably, the computer-readable program product may include code for retrieving standard industry data from third party sources; and receiving and processing financial information and documents provided by the seller to generate a valuation of a first commercial property. Preferably, the computer program product includes code for displaying transaction history between the first seller and a second buyer related to a second commercial real estate transaction. Preferably, the computer-readable program product includes code for displaying transaction history between the first buyer and a second seller related to a third commercial property transaction. Preferably, the computer program product includes code for populating a second offer or second counteroffer document with the information; generating the second offer or second counteroffer document; and providing the second offer or second counteroffer document to the first buyer or the first seller; and providing the first seller or the first buyer the option to accept, reject, or counteroffer the second offer or the second counteroffer document.
A system for managing a commercial real estate transaction between a buyer and a seller is provided. The system includes a memory; a processing circuit; and a server module stored on the memory. The system is configured to perform the steps of: receiving and processing information from a first seller and a first buyer regarding purchase price and other values related to a first commercial real estate transaction; populating a first offer or first counteroffer document with the information; generating the first offer or first counteroffer document; providing the first offer or first counteroffer document to the first buyer or the first seller; providing the first seller or the first buyer the option to accept, reject, or counteroffer the first offer or the first counteroffer document; sending notification to the first seller or the first buyer regarding acceptance, rejection, or counteroffer of the first offer or the first counteroffer document; and displaying transaction history between the first buyer and the first seller related to the first commercial real estate transaction.
A computer-implemented method for managing a commercial real estate transaction between a buyer and a seller is provided. The computer-implemented method includes the steps of receiving and processing, in a computer or a mobile device, information from a first seller and a first buyer regarding purchase price and other values related to a first commercial real estate transaction; populating, in a computer or a mobile device, a first offer or first counteroffer document with the information; generating, in a computer or a mobile device, the first offer or first counteroffer document; providing, in a computer or a mobile device, the first offer or first counteroffer document to the first buyer or the first seller; providing, in a computer or a mobile device, the first seller or the first buyer the option to accept, reject, or counteroffer the first offer or the first counteroffer document; sending, in a computer or a mobile device, notification to the first seller or the first buyer regarding acceptance, rejection, or counteroffer of the first offer or the first counteroffer document; and displaying, in a computer or a mobile device, transaction history between the first buyer and the first seller related to the first commercial real estate transaction.
The invention may be more readily understood by referring to the accompanying drawings in which:
Like numerals refer to like parts throughout the several views of the drawings.
“Agency” or “administrator” refers to the individual, business, agency that may provide real estate/business transaction services to a buyer and a seller.
“Buyer” refers to a person or other entity that makes a purchase of a real property or other asset, intends to make a purchase, or is otherwise interested in available real property or other asset. “Buyer” may also refer to an agent and/or broker (a person or other entity such as a company) that assists a buyer with a purchase of a real property or other asset, as well as a developer, manager, and/or any other person or entity that has an interest in one or more properties or assets.
“Closing” refers to the point in time wherein paperwork related to the transaction has been sent to the escrow agency (or other entity) to allow for recording of the real estate and/or business transaction.
“Client” refers to a buyer or a seller as defined herein, or any other user as defined herein.
“Client module” may be interchangeable with “client computer.” “Client module” may include one or more of the modules shown in
“Configured to,” means adapted for, employed, implemented, or programmed, as well as any combination thereof, to carry out some process, function, step or routine.
“Computerized electronic server” or “electronic server” may refer to a website, web-enabled software, and/or any other electronic medium. Preferably, the computerized electronic server is encrypted. For example, it may be encrypted using SPAC software, or any other application for file encryption or sharing. It may also refer to a local area network or a cell phone network.
“Method,” or any grammatical version thereof, may be interchangeable with “computer-implemented method.” In other embodiments, however, “method” is not interchangeable with “computer-implemented method.”
Data messages” refer to data or information generated, sent, received or stored by electronic means.
“Electronic device” may refer to a computer (i.e., laptop or desktop), mobile device, personal digital assistant, smart phone, digital television, Internet protocol television, and/or play stations.
“Real estate transaction” refers to the exchange of property (i.e., real property), whether residential or commercial, for money or other consideration. “Commercial real estate transaction” refers to the exchange of commercial property, such as hotels/motels, gas stations, convenience stores, and the like.
“Seller” refers to a person or other entity that sells a real property or other asset, intends to sell a real property or other asset, or has an interest in selling real property or other asset. “Seller” may also refer to an agent and/or broker (a person or other entity such as a company) that assists a seller with selling a real property or other asset, as well as a developer, manager, and/or any other person or entity that has an interest in one or more properties.
“User” refers to any entity, such as a buyer or seller, who/which accesses information through a communication network, including, but not limited to, the Internet.
“Internet website” is interchangeable with “website” and “Internet.” It may also refer to any electronic medium capable of data transmission. “Website” as used herein may refer to the inventive website of the present invention.
In a computer or a mobile device” may refer to “operational in a computer or a mobile device.” It may also refer to any other “in an electronic device,” such as any electronic device now known or later contemplated.
“Server module” is interchangeable with “server.” In some embodiments, “server module” may be interchangeable with “system 1140” of
Referring to
A graphical user interface is a type of user interface that allows users to interact with programs in more ways than simply typing. The user is generally able to access the GUI by entering a secure website on the Internet, or any other electronic medium. The GUI may be accessed by any web-enabled device, such as a computer or mobile device. Preferably, the GUI is displayed on an Internet website accessible via a computer.
Another type of user input shown in
In some embodiments,
In some embodiments, the user (i.e., the buyer or seller) may interact with the information stored in the database through the GUI. In the following description, the GUI is implemented using one or more web pages (which may be referred to herein as “pages,” “screens,” or “forms”) provided by the web server 304 accessible by the user using any Internet web browser software, such as the Internet Explorer browser provided by Microsoft Corp., on a computer such as the client module 352 or a mobile device. In some embodiments, one or more custom software programs can be created to implement the system described herein. Of course, the web server 304 may itself have browser software installed on it so as to be accessed by the user. Further, throughout the description of the various embodiments of the invention herein, references are made to the user performing such actions as selecting buttons or clicking on, executing searches or updates on the database. In some embodiments, these requests are generated by the user interacting with the browser. Preferably, the one or more web pages described herein may include a form interface (e.g., a drop down menu, a radio button selection, etc.). Once the user has provided such a selection, the user may select a button or a link on the web page to request an update of the database with the information. The browser will send the web server 304 a link that includes the information (i.e., the user's selection) being sent as well as a request to update the database. It is to be understood that any form interface now known or later contemplated may be used.
Throughout the description of the various embodiments of the invention described herein, references are made to the website or interface “updating” or any grammatical version thereof. This reference preferably means that the system is taking note of the new information and updating, for example, the transaction history database (or any other database), regarding new information. These “updates” may be triggered manually, automatically, and/or passively. As used herein, “manually,” or any grammatical version thereof, refers to one or more individuals interacting with the website to update, for example, a property listing. For example, a seller may input property information. The seller may be provided with a button, such as a “submit button” to “update” or “refresh” the property listing to reflect the inputted property information. As used herein, “automatically,” or a grammatical version thereof, refers to a website updating, for example, a property listing on its own. The website may “update” to reflect this transaction.
In some embodiments, the system and methods of the present invention may be accessible via the inventive website through cloud computing (i.e., a virtual server). For example, cloud computing may provide a secure server for a seller, buyer, and the like.
Cloud computing may serve to store and operate all of the GUIs, software, and databases. In other embodiments, cloud computing may not be used, or may be partially used. In this instance, the server may not be a virtual server. As such, the server may be a physical computer having Internet access. In some embodiments, the system and method of the present invention may be implemented using an application on a mobile device.
The present invention is directed to a system and method of managing a real estate and/or a business transaction process between a buyer and a seller (it is to be understood that the system may be configured to manage both a real estate and a business transaction or one or the other). An exemplary real estate transaction is a commercial real estate transaction. An exemplary commercial real estate transaction is in the hospitality market, such as a hotel or motel transaction. It is to be understood, however, that the invention is not limited to the hospitality market. The invention may provide real estate transactions services in the field of residential real estate and/or other commercial real estate without departing from the scope of the present invention. For example, the transactions may be directed to the convenience store market, restaurants, or the like. Additionally, it is to be understood that the invention is not limited to real estate transactions, but can be applicable to business transactions as well. Use of the terms “real estate transaction” or “commercial real estate transaction” is used for ease of reference throughout the description. “Business transaction,” as used herein, may refer to purchase of a new and/or existing business (where a lease may or may not be a part of the assets sold). For example, a business transaction related to a Subway franchise purchase may entail the sale of equipment, inventory, and the like. The business transaction may or may not include sale of the land or sale of the building housing the Subway franchise.
In the following description, the invention may be described by a series of exemplary steps as shown in
Referring to
Referring to
Referring to
Referring to
Referring to
In some embodiments, and referring to
The homepage (or other Internet webpage) may be configured to provide the buyer and/or seller a number of options, such as, “buying property,” “selling property,” “my properties,” “my watch list,” “my tasks/calendar,” “transaction activities,” and/or “user profile.” In some embodiments, the buyer and/or seller may be provided with, or the website may be configured with, a “help” feature or tool in the form of a drop down menu of topics, or the like. This “help” feature may include a live chat service. Further, the buyer or seller may be provided with a screen to enter his or her account information if he or she has not already done so. This account information may include identifying information, such as street address, client type (buyer, seller, developer, manager, or the like). The system may thereby update to reflect the additional account information. The client account information may be located in a client account database. The client may be able to update his or her account information at any time.
In some embodiments, and referring to
In some embodiments, after seller input of the basic details regarding the property to be sold, the seller may select a “submit” button, or the like. Thereafter, the website may direct the seller to another webpage. This webpage may be configured to receive additional details regarding the property or other asset. In this regard, the webpage may be configured to receive location details regarding the property. For example, the webpage may be configured to receive information such as, but not limited to location details such as the location of the property relative to an airport; the location of the property relative to downtown; the location of the property relative to landmarks; the location of the property relative to a freeway; amenities at the property [(such as, but not limited to, a pool, hot tub, restaurant (and whether the restaurant is owned and operated or leased), availability of breakfast (i.e., whether the property provides a “continental breakfast”), presence of bar (i.e., full service bar, bar service leased out, bar with liquor license), presence of fitness center (and whether there is a sauna and steam room), presence of banquet/conference center, and/or business center]. Additionally, the website may be configured to receive information regarding the “demand” potential of the property. Parameters to determine demand include, but are not limited to, whether one or more of the following is near the property, and, if so, whether one or more of the following is adjacent, walking distance, or driving distance from the property: an upscale shopping center; a neighborhood shopping center; industry; employment; government; convention center; major transportation; local transportation; commercial buildings; a university; a college; a hospital and/or medical center; and/or a sports complex. Of course, the foregoing details will vary depending on the type of property or asset that is the subject of the transaction.
In some embodiments, the system and method of the present invention includes the step of generating, in a computer or a mobile device, a written description of the property or other asset based upon the location details and/or the demand potential of the property as discussed above. This written description may be provided with the property listing. In other embodiments, the step of generating, in a computer or a mobile device, a written description of the property is omitted.
In some embodiments, the system and method of the present invention includes the step of receiving, in a computer or a mobile device, financial information regarding the property or other asset. Preferably, this financial information is used to generate an opinion of valuation for the seller and/or a “what-if scenario” tool or calculator for the buyer (as shown in
In some embodiments, the system and method of the present invention includes the step of receiving, in a computer or a mobile device, property images of property or other asset to be sold. In other embodiments, the step of receiving, in a computer or a mobile device, property images is omitted.
In some embodiments, the system and method of the present invention includes the step of receiving and storing, in a computer or a mobile device, due diligence documents regarding a property, or other asset, intended to be sold. In this regard, the system or website is configured to receive documents related to the real estate transaction, i.e., related to the hospitality transaction. For example, due diligence documents related to a hotel or a motel property may be uploaded directly to the website as shown in
In some embodiments, the system and method of the present invention includes the step of providing, in a computer or a mobile device, a seller checklist to confirm that required property information, images, and documents have been uploaded. Additionally, preferably, the system is configured to provide the seller with an agreement to electronically sign prior to submission to market. In other embodiments, the step of providing a seller checklist is omitted.
In some embodiments, and referring to
Preferably, historical data module may be configured to receive and store information from external sources to assist, for example, in the valuation. Historical data module 1320 may integrate with other data sources such as, but not limited to, locality information, STR, Costar, and the like to retrieve historical data of property transactions. Historical data may be retrieved from variety of sources, including, but not limited to, PKF Consulting, Smith Travel Research, Lodging Econometrics, Real Capital Analytics, and HVS Consulting. It is to be understood that historical data module 1320 may interact with external data sources using methods known in the art, such as, but not limited to, APIs, adapters, database queries, catalog searches, semantic searches, RSS feeds and/or Lucene/SOLR-based catalog search for property information, and the like. For example, average PPR (price per room), RRM (room revenue multiplier), and CAP rate identified by city or zip code may be computed from historical transactions. These parameters may be used in calculating the valuation of a property. Accordingly, valuation may be calculated by using sales comparable and multipliers based upon the financial performance of the property (i.e., RRM and cap rate returns which use net operating income as the numerator) as well as historical (industry) data from external sources.
Preferably, the due diligence documents may be uploaded directly to the website for easy access as discussed above. Preferably, these documents are only viewable by the seller and the agency (and others that are approved by the seller). Preferably, the step of determining and/or generating the valuation includes the step of determining the valuation online, automatically (as used in the valuation context, “automatically” means “via a computer or a processor”), and instantaneously, once the requested information from the seller is received. In this regard, the system or website is configured to determine and/or generate the value of the property automatically, i.e., via one or more algorithms, as well as via historical data. In this manner, the value of the property may be provided to the seller, preferably instantaneously upon request. The seller may be provided with the valuation online (i.e., on the website). Additionally, the system and method of the present invention may include the step of generating and/or providing a letter having the valuation (i.e., an opinion of valuation). In other embodiments, the step of determining and generating, in a computer or a mobile device, a valuation of the property or other asset is omitted. In yet other embodiments, the step of determining and/or generating the valuation of the property is not done automatically, i.e., it is done manually. For example, an individual may determine the valuation of the property based upon information provided by the seller or other information. In this regard, an algorithm may or may not be used to determine the valuation of the property. In yet other embodiments, the valuation is not provided online and/or not provided instantaneously.
In some embodiments, the system and method the present invention includes the step of providing, in a computer or a mobile device, a minimum valuation of the property (or other asset) and a maximum valuation of the property (or other asset). Preferably, the minimum and maximum valuations are provided online, automatically, and instantaneously. The seller may use the minimum and maximum values to determine the appropriate selling price of the property; however, the seller does not have to use these values. Preferably, these values are merely guidelines for the seller. In other embodiments, more than two values for the property may be provided. For example, low, medium, and high values may be provided. In other embodiments, the step of providing, in a computer or a mobile device, a minimum valuation of the property and a maximum valuation of the property (or other asset) is omitted.
In some embodiments, the system and method of the present invention includes the step of providing, in a computer or a mobile device, an opinion of valuation. The opinion of valuation may be an actual document that can be shown to third parties. The opinion of valuation may include price, cap rate, room revenue multiplier, and/or price per room. In other embodiments, the step of providing an opinion of valuation is omitted.
In some embodiments, the system and method of the present invention includes the step of determining, in a computer or a mobile device, a valuation of the property based on the total revenue and total income of the property, as preferably described below.
Total Revenue=Room Revenue+Food and Beverage (F&B) Revenue
Net Operating Income (NOI)=Total Revenue−Total Expenses without Interest, Taxes, Amortization and Depreciation
Prorated Net Operating Income=(Total YTD NOI/YTD Months)×12 (wherein “YTD” stands for “year-to-date”
In some embodiments, the average net-operating income and the average revenue may be calculated in the following manner:
avgNOI=((ytdNOI+y1NOI+y2NOI+y3NOI)/incYears); where “avgNOI” stands for “average net operating income;” “ytdNOI” stands for “year-to-date net-operating income;” “y1Inc” stands for “year 1 net-operating income;” “y2Inc” stands for “year two net-operating income;” and “y3Inc” stands for “year three net-operating income.”
avgRRev=(ytdRRev+y1RRev+y2RRev+y3RRev)/incYears; where “Avg RRev” stands for “average revenue,” “ytdRRev” stands for “year to date revenue;” “y1RRev” stands for “year 1 revenue;” “y2RRev” stands for “year 2 revenue;” and “y3RRev” stands for “year 3 revenue.”
In some embodiments, the system and method of the present invention includes the step of determining, in a computer or a mobile device, the valuation of the property based upon the algorithms below (avgNOI and avgRev determined as described above).
In some embodiments, “premium independent,” “premium franchise,” “other franchise,” each refer to hotel or motel brand types. These classifications may be akin to hotel/motel star levels.
In some embodiments, the system and method of the present invention includes the step of determining, in a computer or a mobile device, a minimum and a maximum value of the property. Preferably, the formula below is used:
Minimum, Mid and Maximum Values:
Min=MinMult×midValue
Max=MaxMult×midValue
In some embodiments, the system and method of the present invention includes the step of providing the seller with an option to discuss the valuation with the agency. Discussions may take place via chat service, phone call, and/or electronically. It is to be understood that the foregoing is only exemplary, and the algorithm may vary based upon the type of property or other asset that is the subject of the valuation. In other embodiments, the step of providing the seller with an option to discuss the valuation is omitted.
In some embodiments, the system and method of the present invention includes the step of receiving and/or submitting, in a computer or a mobile device, the property (or other asset) to the market. In this regard, the system and/or website may be configured to receive property listings from a seller. In this regard, the seller may be able to provide details regarding the property (or other asset) as well as a selling price, online. After providing details regarding the property, the seller may be able to select a “submit” button, or the like, to list the property on the website. Before the listing goes “live” the seller may be able to preview the listing. If the seller agrees with the property listing, he or she may click on a “submit” button, or the like. Thereafter, the seller may be directed to a webpage showing tasks completed and confirming that the property has been submitted to the market. It is to be understood that the seller may request that the property be “de-listed” at any time or any specified time. In other embodiments, the step of receiving and/or submitting, in a computer or a mobile device, the property to market is omitted.
In some embodiments, the system and method of the present invention includes the step of providing the seller with a list of his or her (or its) properties (or other assets) currently on the market.
In some embodiments, and referring to
In some embodiments, and referring to
In some embodiments, and as shown in
In some embodiments, and as shown in
In some embodiments, the system and method of the present invention includes the step of providing the buyer with an option to view documents regarding the property online; view financial information regarding the property online, and/or make an offer online. In this regard, the system and/or website is configured to provide the buyer with an option to view documents regarding the property online (i.e., the “option” being a “view documents” tab or the like); to provide the buyer with financial information provided by the seller online; and/or to receive an online offer from the buyer.
In some embodiments, the system and method of the present invention includes the step of receiving a request from a buyer to view documents regarding the selected property. Preferably, the buyer is able to view documents online and within the website itself. As such, the flow of the documents, many of them confidential is controlled. For example, should the buyer want to review documents regarding a selected property online (i.e., through the website), the buyer may be able to select a “view documents” tab, or the like. Preferably, the buyer's request to view documents is sent electronically to the seller. Preferably, the seller receives notification of this request through the website (i.e., when he or she logs in). In other embodiments, the seller may receive this notification electronically via his or her personal email account. The seller may choose to accept the buyer's request to view documents, or the seller may choose to decline the buyer's request to view documents. After selecting the “view documents” feature, the buyer may be directed to a non-disclosure agreement. Thereafter, the buyer may be notified that his or her request to view documents related to the selected property was sent successfully. In this regard, the system and method of the present invention includes the step of providing the buyer with the option to view the documents online if the seller consents. The actual receipt and review of these documents will be discussed further below.
In some embodiments, the system and method of the present invention includes the step of generating, in a computer or a mobile device, and receiving, in a computer or a mobile device, a letter of intent (or offer) from the buyer. Preferably, the offer is generated online and within the website itself. Preferably, the offer is in the form of a document. Preferably, this offer is a legal document. In this regard, the system and/or website is configured to generate an offer (i.e., an offer letter) and receive an offer from the buyer. For example, the buyer may select “make an offer” within the presentation interface. Thereafter, the buyer may be provided with a couple of options. The buyer may select “generate and send LOT” (“letter of intent”) and/or “upload and send LOT.” If the buyer selects “generate and send LOT,” then the buyer may be directed to another webpage. Within this screen, the buyer may be able to provide additional details regarding the property (i.e., purchase offer price, deposit amount, comments, seller contact, and the like). The buyer may then be able to select “generate LOT,” or the like. After the letter of intent is generated, the buyer may have the option of uploading and sending the letter of intent to the seller of the selected property. Preferably, after the letter of intent is generated, it may be uploaded to the website. In this regard, the buyer may have a number of documents related to one or more transactions uploaded to the website. These documents may be stored within the website itself. The system and/or website may be configured to receive the letter of intent from the buyer. In other embodiments, the step of generating, in a computer or a mobile device, and receiving, in a computer or a mobile device, a letter of intent from the buyer is omitted.
In some embodiments, and referring to
Preferably, the task list is generated after sending the letter of intent to the seller. In some embodiments, the system and method of the present invention includes the step of providing, in a computer or a mobile device, an online calendar. Preferably, the task list displays items that may need to be done once an offer is made on a selected property. These items may include, but are not limited to, site visit, a financial audit, review of existing contracts and leases, environmental review, and various building inspections. The buyer may include dates that these tasks need to be completed. Upon clicking a button (i.e., the “display calendar” button within the webpage), the buyer may be able to view a calendar with the inputted dates. In some embodiments, the seller may be able to view the buyer's calendar. In other embodiments, the steps of providing, in a computer or a mobile device, a task list and/or calendar, is omitted.
In some embodiments, and as shown in
In some embodiments, the transaction management tool may include an option to accept, reject, or make a counteroffer (as shown in 1002). Preferably, this option is provided within the website itself. Referring to
A workflow between a buyer and a seller may be completed using the transaction management tool of the present invention. For example, a sender, such as a buyer or seller, may initiate a document 1510. The sender may utilize an online template or form to provide information in order to populate the document 1515. Thereafter, the system may utilize the foregoing information provided by the seller to create and generate the document 1520. In some embodiments, an email notification may be sent to the receiver (i.e., a buyer or a seller), notifying the receiver of the document 1530. Referring to
In some embodiments, and referring to
For example, and referring to
In some embodiments, the present invention includes a system for providing online real estate transaction services to a seller and a buyer. Preferably, the system includes a memory and a processing circuit. The memory may include a server module stored on the memory, and configured to perform any combination of the steps described herein. For example, the server module may be configured to receive information from a seller regarding property to be sold and generate an online, automated valuation of the property based upon information provided by the seller. The system may include a network communication interface for providing connectivity to the server module and a client module.
In some embodiments, the present invention includes a system for providing online real estate transaction services to a seller and a buyer. Preferably, the system includes a memory and a processing circuit. The memory may include a client module stored on the memory, and configured to perform any combination of the steps described herein. The system may include a network communication interface for providing connectivity to the client module and a server module.
In some embodiments, the present invention includes a computer-readable program product comprising a non-transitory computer-readable storage medium comprising code for managing a commercial real estate transaction between a buyer and a seller from receiving information from the seller regarding a commercial property to be sold to closing. It is to be understood that the computer-readable program product comprising code for managing a commercial real estate transaction between a buyer and a seller may include a non-transitory computer-readable storage medium comprising code for any of the methods/steps described herein.
In some embodiments, the present invention includes a non-transitory computer-readable medium including computer executable instructions. The computer executable instructions may be adapted to perform any combination of steps described herein. For example, the computer executable instructions may be adapted to perform the steps of receiving, in a computer or a mobile device, information from the seller regarding a property to be sold and generating, in a computer or a mobile device, an online, automated valuation of the property based upon information provided by the seller.
One or more of the components, steps, features and/or functions illustrated in the FIGS. may be rearranged and/or combined into a single component, step, feature or function or embodied in several components, steps, or functions. Additional elements, components, steps, and/or functions may also be added without departing from novel features disclosed herein. The apparatus, devices, and/or components illustrated in the FIGS. may be configured to perform one or more of the methods, features, or steps described in the FIGS. The novel algorithms described herein may also be efficiently implemented in software and/or embedded in hardware.
Also, it is noted that at least some implementations have been described as a process that is depicted as a flowchart, a flow diagram, a structure diagram, or a block diagram. Although a flowchart can describe the operations as a sequential process, many of the operations can be performed in parallel or concurrently. In addition, the order of the operations can be re-arranged. A process is terminated when its operations are completed. A process can correspond to a method, a function, a procedure, a subroutine, a subprogram, etc. When a process corresponds to a function, its termination corresponds to a return of the function to the calling function or the main function.
Moreover, embodiments can be implemented by hardware, software, firmware, middleware, microcode, or any combination thereof. When implemented in software, firmware, middleware or microcode, the program code or code segments to perform the necessary tasks can be stored in a machine-readable medium such as a storage medium or other storage(s). A processor can perform the necessary tasks. A code segment can represent a procedure, a function, a subprogram, a program, a routine, a subroutine, a module, a software package, a class, or any combination of instructions, data structures, or program statements. A code segment can be coupled to another code segment or a hardware circuit by passing and/or receiving information, data, arguments, parameters, or memory contents. Information, arguments, parameters, data, etc. can be passed, forwarded, or transmitted via any suitable means including memory sharing, message passing, token passing, network transmission, etc.
Furthermore, embodiments may be implemented by hardware, software, firmware, middleware, microcode, or any combination thereof. When implemented in software, firmware, middleware or microcode, the program code or code segments to perform the necessary tasks may be stored in a machine-readable medium such as a storage medium or other storage(s). A processor may perform the necessary tasks. A code segment may represent a procedure, a function, a subprogram, a program, a routine, a subroutine, a module, a software package, a class, or any combination of instructions, data structures, or program statements. A code segment may be coupled to another code segment or a hardware circuit by passing and/or receiving information, data, arguments, parameters, or memory contents. Information, arguments, parameters, data, etc. may be passed, forwarded, or transmitted via any suitable means including memory sharing, message passing, token passing, network transmission, etc.
The terms “machine-readable medium”, “computer-readable medium”, and/or “processor-readable medium” can include, but are not limited to portable or fixed storage devices, optical storage devices, and various other non-transitory mediums capable of storing, containing or carrying instruction(s) and/or data. Thus, the various methods described herein can be partially or fully implemented by instructions and/or data that can be stored in a “machine-readable medium”, “computer-readable medium”, and/or “processor-readable medium” and executed by one or more processors, machines and/or devices.
The various illustrative logical blocks, modules, circuits, elements, and/or components described in connection with the examples disclosed herein may be implemented or performed with a general purpose processor, a digital signal processor (DSP), an application specific integrated circuit (ASIC), a field programmable gate array (FPGA) or other programmable logic component, discrete gate or transistor logic, discrete hardware components, or any combination thereof designed to perform the functions described herein. A general purpose processor may be a microprocessor, but in the alternative, the processor may be any conventional processor, controller, microcontroller, or state machine. A processor may also be implemented as a combination of computing components, e.g., a combination of a DSP and a microprocessor, a number of microprocessors, one or more microprocessors in conjunction with a DSP core, or any other such configuration.
The methods or algorithms described in connection with the examples disclosed herein can be embodied directly in hardware, in a software module executable by a processor, or in a combination of both, in the form of processing unit, programming instructions, or other directions, and can be contained in a single device or distributed across multiple devices. A software module can reside in RAM memory, flash memory, ROM memory, EPROM memory, EEPROM memory, registers, hard disk, a removable disk, a CD-ROM, or any other form of storage medium known in the art. A storage medium can be coupled to the processor such that the processor can read information from, and write information to, the storage medium. In the alternative, the storage medium can be integral to the processor.
Those of skill in the art would further appreciate that the various illustrative logical blocks, modules, circuits, and algorithm steps described in connection with the embodiments disclosed herein can be implemented as electronic hardware, computer software, or combinations of both. To clearly illustrate this interchangeability of hardware and software, various illustrative components, blocks, modules, circuits, and steps have been described above generally in terms of their functionality. Whether such functionality is implemented as hardware or software depends upon the particular application and design constraints imposed on the overall system.
The various features of the invention described herein can be implemented in different systems without departing from the invention. It should be noted that the foregoing embodiments are merely examples and are not to be construed as limiting the invention. The description of the embodiments is intended to be illustrative, and not to limit the scope of the claims. As such, the present teachings can be readily applied to other types of apparatuses and many alternatives, modifications, and variations will be apparent to those skilled in the art.
This application claims the benefit of U.S. provisional application Ser. No. 61/879,053, filed on Sep. 17, 2013, and entitled, “System and Method for Managing a Real Estate and/or a Business Transaction between a Buyer and a Seller,” the contents of which are incorporated by reference in its entirety.
Number | Date | Country | |
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61879053 | Sep 2013 | US |