If you were doing an appraisal inspection for this home, and just did cursory view of the utility room, you wouldn't of probably of noticed a few things. The big question is, why is there newer block walls in a 1940's built home? The reason is because the original foundation wall was caving in, and this was most likely done to prevent any further damage. So why did it happen in the first place? Most likely water, they also added drain tiling and a sump pump to this room, to help alleviate the water penetration.
This is something that definitely would need to be addressed. A structural engineer would most likely need to be called-in to provide some type of analysis. It's not the appraiser’s job to make that determination, just let the lender know that there is a problem, and they make the final decision as what needs to be done. Would you even want to purchase this home, or borrow money against it?
If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.
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