My question involves real estate located in the State of: Massachusetts
I am attempting to buy a home and things were going great until the appraisal. My (potential) lender's appraiser appraised the property for much less than previous, recent (one is just six months old, the other under a year) appraisals. The difference between the appraisals is due entirely to the lender's appraiser deciding that the back room, which has functioned as a combined den and laundry room for decades, is not part of the living space. This space has painted sheet rock walls and linoleum flooring. It has baseboard heat. It is directly attached to the rest of the living space. The room is approximately 15'x15' and the ceiling height is greater than seven feet for the entire room. It's a small house, so this is a significant part of the total square footage.
The problem, according to the appraiser, is that there is an oil furnace in there. This makes it not living space. Not just the footprint of the oil furnace, but the entire space.
I've been doing research on this and honestly cannot find clear guidance as to whether or not the presence of the furnace makes this room a non-living area. The seller is convinced that the previous appraisals were correct, and is pushing me to secure different funding, as this lender will not write a mortgage that will allow me to buy this house at the agreed upon price. My concern is that, if this really is a problem, the next potential lender's appraiser will find the same problem.
There is a carbon monoxide detector in the room that shows a numerical value and keeps history. The says that for nearly a full year it has read "0". There are no noticeable fumes. I'm not worried about using the room the way it has always been used.
Can anyone point me to where I should look for this information?
Thanks!
I am attempting to buy a home and things were going great until the appraisal. My (potential) lender's appraiser appraised the property for much less than previous, recent (one is just six months old, the other under a year) appraisals. The difference between the appraisals is due entirely to the lender's appraiser deciding that the back room, which has functioned as a combined den and laundry room for decades, is not part of the living space. This space has painted sheet rock walls and linoleum flooring. It has baseboard heat. It is directly attached to the rest of the living space. The room is approximately 15'x15' and the ceiling height is greater than seven feet for the entire room. It's a small house, so this is a significant part of the total square footage.
The problem, according to the appraiser, is that there is an oil furnace in there. This makes it not living space. Not just the footprint of the oil furnace, but the entire space.
I've been doing research on this and honestly cannot find clear guidance as to whether or not the presence of the furnace makes this room a non-living area. The seller is convinced that the previous appraisals were correct, and is pushing me to secure different funding, as this lender will not write a mortgage that will allow me to buy this house at the agreed upon price. My concern is that, if this really is a problem, the next potential lender's appraiser will find the same problem.
There is a carbon monoxide detector in the room that shows a numerical value and keeps history. The says that for nearly a full year it has read "0". There are no noticeable fumes. I'm not worried about using the room the way it has always been used.
Can anyone point me to where I should look for this information?
Thanks!
Mortgages: How is Living Space Defined (in Massachusetts)
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