Claims:We Claim:
1. A system for conducting real estate transactions, the system comprising:
a. a communication hub, the communication hub operably connected to a user station;
b. a memory, the memory interconnected with the communication hub
c. memory comprising an inventory database comprising information concerning inventoried property; and
d. a pool database comprising information concerning vendors;
e. a scheduler, the scheduler interconnected with the communication hub to all a user at the operably connected user station to schedule vendors to perform one or more services
f. one application operably connected to the communication hub, the at least one application providing at least one service to facilitate purchase or sale of a property,
2. The system as claimed in claim 1, wherein the trade in option is initiated with obtaining an appraised value for the property.
3. The system as claimed in claim 1, wherein the scheduling an Inspection selecting possible dates and time that fit the user's schedule.
, Description:Technical Field of the Invention
This disclosure relates generally to methods and systems for real estate services and specifically to systems and methods for assisting the buying and selling of property.
Background of the Invention
The options to buy a home are similar to those for selling. For example, a buyer can hire an agent who may search for a home based on one’s specifications, take one to see homes and may draw up the appropriate paperwork to make an offer. Alternatively, a buyer can search newspaper, internet, and sign advertisements for a house one desires to purchase. Upon deciding on a home, such buyer may most likely be contacted by an agent who may draw up the appropriate paperwork to make an offer. Regardless of the method chosen, an agent may most likely be paid a fee or commission. In many cases, however, consumers are unable to purchase a new home until their current home is sold. Thus, a buyer may miss out on an opportunity to purchase a home that they desire or if faced with relocating, may have to rent until their current home is sold. The selling of a home may occur by hiring a licensed realtor or an owner selling the home independent of a realtor (known also as “For Sale by Owner”). Both traditional methods of selling a home can be time consuming and costly. The following is a list of occurrences that are involved in practicing methods currently available:
1. The Seller interviews multiple brokers and agents to find the one for which they wish to list the property for sale.
2. The Seller choose a broker or agent to represent their best interests in the sale of their property.
3. The agent makes recommendations of repairs and “dolling-up” property to achieve full market value.
4. The Seller hires contractors and other trade services to complete the portion of the recommendations desired.
5. The seller begins looking for their new home through newspaper classified advertisements, open houses, and other real estate agents.
6. The seller may make offers on another property with a contingency clause. Often these offers are rejected simply because the amount of time is unknown for a close of escrow. Often the contingency is related to the seller's property being sold prior to closing of the new property.
7. The seller waits for an acceptable offer to come from another agent or their current agent. If the offer comes from the current listing agent, it is called dual representation which is illegal in most states because it is considered impossible to be equally represented in both transactions.
8. The offers may be followed by an earnest money deposit showing good faith in their transaction.
9. Once a decent offer comes in there is a counteroffer “game” that takes place clarifying the offer and defining who pays for what.
10. When the offer is accepted by all parties a meeting of the minds has occurred and an escrow is opened with a local title company.
11. The title company searches the title history and guarantees a “Clean Title”. They communicate with the seller's agent, buyer's agent, the lender of the property being purchased and the lender or Broker of the buyer. This is usually a min. of 30 days and many properties fall out of escrow due to the lenders inability to write the loan.
Object of the Invention
The present application relates to a method of conducting real estate transactions, such as the buying, selling, and/or trading of a property via a system of an interactive web-based business that can use the concept of trading in one entity's property for another property.
Summary of the Invention
In one aspect, the embodiments of the present application provide a communication hub that allows access to multiple services often required for a real estate transaction through an application portal interface. The communication hub may, for example, provide access to inspection services, appraisal services, contractor services, lender services, and schedulers to assist with scheduling services.
In another aspect, the embodiments of the present application provide a method to allow substantially simultaneous selling or an existing property and buying of a new property by an owner or multiple owners.
Certain aspects of the present application facilitate the buying, selling and/or trading of a residential or vacation property. One implementation employs a system that provides the property owner/buyer with pertinent information related to the owner/buyer's current property and also provides the owner/buyer with the option to sell the owner/buyer's current residence or vacation property, and/or buy another.
In another aspect, the system can include links to multiple companies to create a one-stop-shop for various aspects of buying, selling, trading, and furnishing one’s property. For example, the system may have partnerships with many service providers such as lenders, trade services, furniture and property furnishing companies to provide discounts on one or more resources that may compliment the sale and purchase of a home. In addition, the system may allow an individual to book travel, conduct banking transactions, and/or plan a vacation, all from one site or a group of sites.
In some aspects, the system for performing a real estate transaction may include a communication hub in communication with one or more networks, such as, for example the Internet, a LAN, a WAN, a WLan, a WiFi, private network, or the like.
In another aspect, the communication hub may maintain information about property values, inventory, market trends, and other statistical data relating to property buying and selling.
In still another aspect, the communication hub may allow remote users, such as, for example, owner/buyers and others with management tools for selling and buying property via a website. The website may include software that can combine existing links and web-based data, security measures for database, and/or fraud prevention banking.
Possible users of the disclosed system may include general users, real estate agents, general contractors, lending institutions (such as bankers), other service providers such as executive recruiters.
In certain aspects of the present application, the communication hub can combine existing data from internet sources such as real estate evaluation sites tax assessor's page, home data sites, recorder’s office and the like to streamline data compilation into a report or property portfolio. If desired, this information combined with an expected cost analysis calculation that may be provided by the system, may bring the Seller relatively quick, and perhaps instant, offers on the Seller's home.
Brief description of Drawings:
FIG. 1 is a flow chart illustrating exemplary operational steps associated with performing a real estate transaction.
Detailed Description of Invention:
The following steps may occur in order to facilitate the “Trade-in” real estate transaction, as shown in FIG. 1. The trade in option is initiated with obtaining an appraised value for the property. The appraised value of the property may be deducted for particulars to calculate a trade-in value. For example, the value of the property may be set at the appraised value, less the percentage of actual sale price as it differs from appraised value, less a commission or the like. Next the mortgage pay-out is determined. The difference between the altered value and the mortgage pay-out is provided as equity to the owner for purchase of a subsequent property. The amount is transferred and held in an escrow account. A new property is identified from inventory, and the equity is applied as a down payment for the new property. Alternatively, if no new property is identified, the equity may be cashed out, step, which may have a tax penalty.
As can be appreciated from the above exemplary operational methods provided herein above and below, several functionalities may be operable via system. The functionalities include, for example,
Scheduling an Appraisal—selecting possible dates and time that fit the user's schedule. System may email notices to all partnering Appraisers. An appraiser who can accommodate the user's schedule can confirm the appointment.
Scheduling an Inspection—selecting possible dates and time that fit the user's schedule. System may email notices to all partnering inspectors. An inspector who can accommodate the user's schedule confirms the appointment. Scheduling a Photo Shoot for Virtual Tour—selecting possible dates and time that fit the user's schedule System may email notices to partnering services such as, virtual tour photographers. A photographer who can accommodate the user's schedule confirms the appointment. Opening an escrow account, performing a title search, etc.
Home value is updated, such as updated based on inspection and appraisal reports. Original loan can be paid off. Remaining equity may be transferred to a user's account, such as to a User's Equity account.
The user may also perform the following while arranging for a “Trade-In”:
Viewing inventory of homes. Finding a Home—Entering City and or State
Refining search—For example, entering square footage, bedroom, bathrooms or other like information. Choosing a list of properties to visit. Viewing virtual tours of selected homes. Viewing reports such as inspection, appraisal and like reports.
Scheduling appointments to view the desired homes—selecting dates and time that fit the user's schedule. Booking travel plans if desired. System can email notices to all partnering Brokerages/Agents. An agent that can accommodate the user's schedule can confirm the appointment. Agent can send a follow-up email and coordinates details with user.