Appraisal Review – An objective exercise to measure the appraisal versus established standards and logic. Typically, this service is provided for financial institutions or audit firms that are in need of an expert to review work product delivered. This can be done in concert with the efforts of the audit firm in a seamless process that is designed to facility accurate and timely audits.

Since LOGAN maintains the top credentials in appraisal globally, and because of the quantity of appraisal work generated in the respective LATAM markets, LOGAN is well positioned to review the work of any other appraisal firm. LOGAN has worked with some of the top audit firms in the world and is consistently hired to review appraisals of multinational companies form the United States and Europe.

“The act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal. The subject of the review may be all or part of an appraisal report or a review report.” — USPAP Standard Rule 3



  • Desk review
  • Full review (includes inspection)
  • Validation of values


  • Input benchmarking
  • Approach selection
  • Methodology
  • Value reasonability

Asset Classes

  • Regional shopping centers
  • Super-Regional shopping centers
  • Hotels and Resorts
  • Land and Agriculture


Objective – Appraisal review is a key ingredient in a client’s quality control and compliance processes. Objectives can include:

  1. Test of reasonableness
  2. Confirm whether the methods and techniques are applied appropriately
  3. Enhance credibility of value conclusions
  4. Assist in risk management
  5. Support litigation and dispute resolution


Opportunity – An appraisal review is a prudent business practice and should be part of a normal due diligence process and standard operating procedure for individuals, financial institutions, government agencies, and companies of all sizes. A review gives the client a better understanding of the valuation and greater confidence in the appraisers’ conclusions.


Solution – An objective review of the opinion of value and determine whether the data and analyses in the report support the conclusion of value. The scope of a review and range in its intensity:

  1. Only a portion of the report (DCF or comps)
  2. Entire report, but not on conclusion of value
  3. Entire report with reviewer’s own opinion of value
  4. Entire report with reviewer’s own opinion of value, verification of data and analysis, and an inspection of the property

Approaches, Relevance

  • Cost
  • Sales comp or market approach
  • Income capitalization
  • DCF

Impacting Factors

  • Reasonableness of opinion
  • Validity of data
  • Applicability of methods
  • Knowledge of asset class, market

Important Inputs

  • Methodologies used
  • Comparable sales (confirmed, supported)
  • Rent comps (price, term, increments)
  • Cap rates and discount rates
  • Reconciliation and methodologies relied upon

Recent Trends

  • Lack of certified appraisers in Latin America
  • Difficult to obtain confirmed sales or offers in Latam
  • New institutional assets being delivered – superior methodologies such as income approach are necessary to value these asset classes
  • New asset classes being developed in Latin America that are new, few valuation firms have experience in valuing them (multifamily, self-storage, data centers, cell towers).
  • IFRS and IVS are relatively new in Latin America, some appraisals do not comply with the standards


Appraisal Review

  1. Appraisal Review
  2. Review of scope of work
  3. Regulatory compliance verification
  4. Evaluation of appropriateness,
  5. accuracy, and quantity of evidence
  6. Benchmark ranges for data presented and value conclusions
  7. Conclusion of reasonability

Notable Markets






CDMX, Mexico City


Nuevo Leon, Monterrey



San Isidro

Santa Cruz

Central América

San Jose, Escazú

Panama City


El Salvador