Fannie Mae

Other

John Treadwell

Eric Rosenblatt

Jesse Staal

Lin Feng

Patria Smith Kunde

Fotis Gavriil

Steven Pierce

Weifeng Wu

Lisa Dorsey

A database of property data is searched based on a location constraint that is determined based on travel time contours constructed for multiple locations of interest. The locations of interest and travel parameters associated therewith are selected by a user. The travel parameters include a maximum travel time for each location. For each location, the travel time contour is constructed based on the travel parameters for the location such that points within the travel time contour have a travel time to the location that is less than or equal to the maximum travel time. The travel time contours are intersected, and the location constraint is based on the intersection.

Selecting properties using location constraints based on travel time contours

Modeling appropriate comparable properties for the assessment of appraisals entails accessing a property dataset, wherein subsets of properties represented in the property data are determined to be members of respective condominium projects. Condominium project identification information is scrubbed, standardized and updated using various techniques. An automated valuation model is applied to the property data, preferably implementing the condominium project variable as a location fixed effect variable. Appraisal reports where the subject property is a condominium are then analyzed using the results of the automated valuation model, including but not limited to ranking and displaying the appraiser-chosen comparables among the model-chosen comparables.

Evaluating condominium appraisals using project as location effect

An automated valuation model that uses condition and quality variables. In response to user queries, the model ranks and displays comparables for a subject property. The comparables are selected based on their similarity to the subject. Data on quality and condition of properties is incorporated into the model and corresponding comparable assessments. For example, the quality and condition inputs may be used in a hedonic adjustment factor model, comparable selection exclusion rules, economic distance calculations, and adjustments for differences between the subject and comparables at comparable selection stage. The comparables may be displayed in ranked order based on the calculated similarities between the properties, with indications of the quality and condition categories, to provide an overall assessment of the comparables as well as displayable indications of the underlying quality and condition categories and related information. The model may also use other ordinal variables and may perform any type of valuation.

Automated valuation model using ordinal variables such as condition and quality variables

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Washington, DC, United States of America

John Treadwell