I'm no expert but there is a tax penalty. If stairs are a problem, consider one of those stair chair climbing things . My 87 year old dad had one installed for under 3k and loves it.

I live in a townhouse and will get one in the future. I love having different levels in my home.

In my opinion you should sell it. And I'm saying that because of the steps.
We had to move to an apartment with elevators and a ramp to the garage, because my husband had circulation problems in his legs.
He had such a difficult time walking stairs.

Then he needed to use a cane, and eventually a walker.
There's also the worry of falling down the steps.

I love one floor living, it's so much easier. (and safer)

I just moved in October from a 3 storey 100 year old home to a little one storey home. Much better! I did the right thing.
Hope you also make a good decision,
Hug and God Bless,
Sandra

I've been a realtor for over 20 years and have done plenty so short sales. If your lender does agree to let you short sell it will adversely impact your credit for several years, coul cause tax problems and they could also ask you to bring money to the table if the offers you get are lower than they want to accept. A stairlift is a better option

Soalone is certainly much more knowledgeable about this, but why is the realtor you spoke with advising a short sale right off the bat? Or did I miss something?

Soalone has the experience so listen to her advise. I vote for the stair lift!!!!

If praised had a two story house I would have suggested a stair lift. However she said her house is a quad level, would she need to install 3 stair lifts? That could be quite expensive.

She also said the house needs repairs. Does she want that expense at 75 years old?

I don't understand why the realtor advised a short sale?
What's the reasoning?

I'm not a realtor, but a short sale sounds like a bad idea to me. Why would you not go for a regular sale? If you are still able to pay the mortgage, I would hold out for a regular sale and walk away with some money in your pocket to put towards your single level dream home. I recently sold my home in the States, and while I did not get as much as I had hoped from it, I did get enough to pay off my debts and have some money in my pocket. My neighborhood had a lot of foreclosures and short sales, and my home was just like them but sold for a lot more. The buyers are out there, I would not jump to sell it fast and for a loss. If your realtor is pushing you for a short sale when you are still able to make the mortgage payments, I would get another realtor.

Another possibility would be to rent out your home, or even lease it with an option to buy it. That way you would be able to move out to something easier to handle (no stairs) and still be able to sell it for a decent price and not wreck your credit or tax situation. You'd have the rental income to help fund your move. Just a thought....

Love and Hugs,
Martha

Without knowing the full history of your fiscal situation; it is impossible to say whether a short sale would be more beneficial than not. As a general rule there would be more long term financial benefits to holding on to the home if you can afford the mortgage and upkeep on the house. I am sorry, but there are just too many unknown components for a good answer.

Thank you for your comments. It really helps to get other opinions. I was in a funk after she left. I could read on her face that my house had too many negatives to sell for a price that I could even break even. But later I thought about blessed we were to have a home, that I am in a position to pay a mortgage plus a home loan and if I want to stay and make adjustments in my home, then I will. The "comps" in my area are very low because of homes for sale and foreclosures. I also decided to consult with the Real Estate Lawyer what helped my daughter close on her condo. Again thanks for your help.

I was 70 when I sold our house..................the Lord did have a plan and His timing was perfect.............I also had steps and the house was old and needed work...........Love having a new home..........one level....................feel that the repairs will be less and I can afford the payments and taxes so feel very blessed......................

I sold my house after my husband passed. I rent an apartment that has all utilities included and is in a beautiful 55+ community. I love not having taxes, HOA fees, insurance and repairs to pay for. Life is so much easier.
I, too, wonder why the realtor advised a short sale first thing. Short sales are for people who cannot afford to make mortgage payments and are on the verge of having their home foreclosed on.
Please think through all of your options before making a decision.
Good luck.
Hugs, Norma

I'm sure you'll make the right decision. I sold my home of 49 years a few months ago, couldn't climb the steps anymore. Now live in a senior apartment, can use my scooter or wheelchair, no worries about upkeep. Take your time and consider all options about whether to move or not. Best wishes, and Hugs...Nancy