Redfin launched its Home Price Tool back in March of this year. The tool was created to help homeowners home owners get a better idea of the values of their home, before entering into discussions with an agent. Texas-based CoreLogic has claimed that the technology is actually theirs, and they have filed a patent suit against Redfin for infringement on their patent.
CoreLogic is a provider of advanced property and ownership information, and it is one of the largest suppliers of Automated Valuation Models for real estate, assisting homeowners in obtaining appraisals on their property.
The company filed a patent back in 1992 (Patent No. 5,361,201) for their tool, ‘Real Estate Appraisal Using Predictive Modeling.’ The patent was granted in 1994. Patents filed before 1995 have a shelf life of 20 years, which would mean that CoreLogic has approximately two years to enforce its suit against Redfin.
Zillow, Inc., Lender Processing Services, Inc., Real Data, Inc., Realec Technologies, Inc. and several others have all previously been in the crosshairs of CoreLogic for patent infringement lawsuits.
It should be interesting to see the outcome to this situation. Full information on the lawsuit filed by CoreLogic against Redfin can be read here.