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Rookie appraiser, Withdrawing from assignment

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Hello. I'm only 5 reports in (rookie).... and I'm withdrawing from an assignment. The SOW is a 2055 for a HML as-is/ARV. Suburban area in LA county.
I get all the data... then analyze. Subject market area is near an active landfill and has about 150 homes within a 0.5 mile area.
I run a 1004mc (even though data is limited) for the immediate market area, then I open up to include nearby similar market areas.
I look at regression charts: 4% decline monthly. Charts are a little messy, with little data.... but I soldier on. HOWEVER.... my most recent comps are from November 2024; and the nearest as-is comp is 2.5 miles away. That was the deal breaker. I withdrew.
I would have had to make 15%+ percent adjustments on all comps, on limited data.
Was I justified in my withdrawal? Yes, I'm sure there are some wizards that could have pulled a rabbit out of a hat (I would love to hear your advice also).

So he has comps that are 3 months old and he has a really good "as is" comp within 3 miles. As far as the landfill, do what we all do...go back in time. His main concern seems to be making large adjustments. Glad I never had to make large adjustments.
Hey, it's his call.
 
The Bob said:
Hello. I'm only 5 reports in (rookie).... and I'm withdrawing from an assignment. The SOW is a 2055 for a HML as-is/ARV. Suburban area in LA county.
I get all the data... then analyze. Subject market area is near an active landfill and has about 150 homes within a 0.5 mile area.
I run a 1004mc (even though data is limited) for the immediate market area, then I open up to include nearby similar market areas.
I look at regression charts: 4% decline monthly. Charts are a little messy, with little data.... but I soldier on. HOWEVER.... my most recent comps are from November 2024; and the nearest as-is comp is 2.5 miles away. That was the deal breaker. I withdrew.
I would have had to make 15%+ percent adjustments on all comps, on limited data.
Was I justified in my withdrawal? Yes, I'm sure there are some wizards that could have pulled a rabbit out of a hat (I would love to hear your advice also).

So he has comps that are 3 months old and he has a really good "as is" comp within 3 miles. As far as the landfill, do what we all do...go back in time. His main concern seems to be making large adjustments. Glad I never had to make large adjustments.
Hey, it's his call.
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My only concern on declining and increasing market conditions is if you were considering properties that compete with the subject?

2.5 miles is nothing sometimes.
 
You needed to withdraw. Keep your client. You were sick. Measles or the flu. Worst flu outbreak in a long time. Flu killed more people than covid lately.
 
J Grant said:
! mile was never a rule or requirement; it was always a guideline
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Tell that to some of the old UWs... I remember working Adair County, OK (population under 20,000) and having to go out of the county to find a single new construction house. They about had a cow, ragged me for days. That was the last FHA I did in a rural area. No comps, no do it. Every sale in the town of 1,600 was of a very old house.
 
Zoe said:
You needed to withdraw. Keep your client. You were sick. Measles or the flu. Worst flu outbreak in a long time. Flu killed more people than covid lately.
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LOL, yea clients love it when you pull out early.
 
The Bob said:
LOL, yea clients love it when you pull out early.
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I had my flu shot. Have every year since about 1993 when I had the flu. I never tested positive for covid but I would not doubt I had it. I had all the covid vaccines. Flu is bad right now.

Flu loves the cold weather.
 
Sorry, I think I have the flu. Please call me next week for another assignment.
 
Zoe said:
My only concern on declining and increasing market conditions is if you were considering properties that compete with the subject?

2.5 miles is nothing sometimes.
Click to expand...
In this situation..... 2.5 miles was a LOT. Again, IMO
 
TerryRohrer said:
The bigger problem I would have is estimating as is and as repaired values without an inspection. How are you gauging interior condition?
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EXACTLY, hence part of my response to AMC:

"...Unreliable or Incomplete Property Information

Unavailable site inspection, preventing verification of key attributes...."
 
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