No there should not be unless the home has effectively run its life. Some homes that old have functional obsolescence or basically the materials are running out of life. There are thousands and thousands of homes back East that are between 100 and 300 years old and they sell all the time. So I doubt there is such a rule. A Lender could certainly have that policy... but I doubt an appraiser could set such standards.
I am sure an appraiser will weigh in soon on this very good question.
Re/Max Circle of Legends... more