Blecher_onthe_Hudson OP t1_ja9gv7r wrote
Reply to comment by downvotes_puffins in Anyone else get a 'Chapter 91' notice from the city assessor demanding rent & expense info on income property? by Blecher_onthe_Hudson
Residential properties can be bid up by irrational exuberance and as long as the comps support it the banks will loan on it. A commercial property is a business appraised by its income.
What's hilarious is to look at an appraisal of a three family for example, the dishonest appraisers will torture the numbers so that the three completely different methods of appraisal: comps, rents & replacement, all fall within a couple of percentage points of each other.
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