Overview
An appraisal review or second opinion is a detailed evaluation of an existing appraisal to determine whether the methodology, comparable selection, adjustments and conclusions are accurate and compliant with professional standards.
Reviews are commonly requested by lenders, lawyers, insurers, courts and clients who need clarity or confirmation on a prior valuation.
This guide explains how appraisal reviews work, what they look for and how to interpret results across the GTA and surrounding areas.
A review can influence:
• Mortgage approvals
• Legal proceedings
• Estate distributions
• Divorce settlements
• Reconsideration requests
• Lending risk decisions
Understanding how reviews work helps you interpret their findings and determine the next steps.
An appraisal review is not a new appraisal.
It is an evaluation of an existing report to determine whether the original appraiser:
• Followed accepted standards
• Used correct data
• Selected appropriate comparables
• Applied logical adjustments
• Reflected current market conditions
• Provided a defensible value conclusion
A review may be completed by the same firm, a different appraiser or a lender’s internal review team.
What a Review Looks For
- Fully Supported
The review confirms the original appraisal is accurate and defensible.
This is the most common outcome.
- Supported With Clarification
The value is reasonable, but additional commentary or explanation is required.
Lenders often request this.
- Value Questioned
The reviewer finds concerns related to:
• Comparable strength
• Market shifts
• Adjustments
• Data accuracy
The lender may request reconsideration or a second appraisal.
- Value Not Supported
Rare, but this means the valuation does not align with market evidence.
A new appraisal is typically required.
- Look for Evidence Based Commentary
Credible reviews explain their reasoning clearly.
- Focus on Comparables
If the comparables are strong, the value is usually strong.
- Distinguish Between Minor and Major Issues
Minor issues include:
• Typos
• Formatting
• Missing photos
Major issues include:
• Wrong square footage
• Incorrect bedroom count
• Irrelevant comparables
• Missing adjustments
• Market misinterpretation
- Identify Whether a New Appraisal Is Needed
If the review says the value is not supportable, the lender may require a new report.
When a Second Opinion Appraisal Is Helpful
A full second appraisal is appropriate when:
• The original appraisal is materially flawed
• The property is unique
• Market conditions changed quickly
• Legal matters require a neutral opinion
• Both parties in a dispute need independent valuations
Second opinions are common in divorce, estate and litigation settings.
“A review automatically means the appraisal was wrong.”
Not true. Reviews are standard quality control.
“Second opinions must match the first appraisal.”
They are independent and may differ based on methodology.
“Reviews can change the original appraised value.”
Only the original appraiser can revise their value.
“A review is a complaint.”
It is simply a technical evaluation.
Who typically orders appraisal reviews?
Lenders, lawyers, insurers and courts.
Can reviews lower or raise value?
They do not set value. They determine whether the original value is supported.
Do appraisers see the review?
Yes, when the lender requests clarification.
Is a second appraisal better than a review?
A second appraisal provides a fresh valuation, while a review evaluates the first one.
If you have received an appraisal review and want help interpreting the findings or deciding whether to request a second opinion, our team can guide you through the process with clarity and confidence.
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