Pacaso Omdömen 190

UPDATE: Over 2 months after Pacaso said they would contact me to discuss my issue - still nothing. Of course, didn’t expect them to do anything. Seller beware.

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I had the most terrible experience trying to sell my home to Pacaso and I would like to warn other owners to think carefully before you consider selling through Pacaso.

I wanted to sell my second home through Pacaso because I thought I could command a higher sale price (given there are 7 other shared owners) and the idea of Pacaso revamping the place with new furniture sounded appealing.

However, I had poor experience with Pacaso and it’s structure as we got deeper and deeper into the deal.

First, Pacaso makes each seller retain at least one share of the 8 shares in the property when it is sold. As an owner, it is quite a very costly transaction that does not really make economical sense.

1) You pay capital gains tax when you sell the property.

2) You are required to buy back 1 share at a big premium above the price you sold the property at (since it includes all the fees + furniture etc)

3) You then pay a monthly fee for holding your share (I calculated the 1/8 share monthly fee to be not too much lower than the fees I paid owning the property outright).

Second, Pacaso changed critical terms in the purchase agreement the day of signing - they sent me an initial purchase agreement in the morning and when non-critical terms were amended later in the day, other CRITICAL term changes were suddenly snuck in without making me aware of these changes. This was shocking to me given we had been back and forth on those critical points for over a week prior. Read the contracts carefully and do not let down your guard when dealing with Pacaso, particularly Alex Levy, the acquisitions representative, whom I was a working with.

Third, I lost significant rental revenue by pursuing a sale agreement with Pacaso. I wrote to Pacaso stating that a renter wanted to pay over $50,000 to rent my home for a couple months and I asked whether I should lock this in. Instead, they said I couldn’t delay the sale by that long and that they wanted to complete the purchase. 2 days after we SIGNED the sale agreement, Pacaso’s leadership team cancelled the deal (the day before the 3% deposit was to be transferred!). Yes, they cancelled a SIGNED purchase agreement after we spent 6+ weeks negotiating and after they asked me to forgo the $50,000 in rental income. I just could not believe they would do this and they told me I had no right to any lost income or to the deposit or any compensation, since the deposit was not yet transferred.

I felt extremely taken advantage of and was given the run around for 6+ weeks. It was an emotional rollercoaster dealing with Pacaso and I would not recommend pursuing a deal with them unless you are a very desperate seller.

After Pacaso pulled the plug on our signed deal, I felt disheartened. However, the week later, I decided to see what would happen if I put the property on the open market. Fortunately, I was able to sell the property for over 25% more than Pacaso signed to purchase it for. My assumption that I could get a higher price from Pacaso was wrong.

All in all, it turned out to be a blessing in disguise that Pacaso broke up our marriage on the eve of our wedding date.

I’m writing this review because I did hours of research on Pacaso and could not find many seller reviews, except the one on their website, which sounded very appealing. I’m hoping my review can help prepare other sellers who may consider dealing with Pacaso.

If it wouldn’t have been for Shea

There was a MIX UP ON PACASO'S PART WHEN BOOKING MY FIRST STAY. IT WAS HANDLED AFTER ME MAKING A BIG SCENE BUT WITHOUT MUCH APOLOGY OR COMMUNICATION. I FELT LIKE THERE WAS NO ONE WHO WAS REALLY IN CHARGE OF THEIR ERROR. Otherwise, everything and everyone was lovely.

There was a lot of overpromise when they were selling us and a very poor delivery. Thing promissed from occupation dates canceled twice and still not ready without a final date, we were promised also to be part of decoration and furnished, didnt happen either, were trying to install bigger bins for storage, didnt happen either and so on….

The entire team were professional and patient. They answered every question we had and took our feedback before we actually bought and made slight changes that helped convince us this was the right purchase for us.

The delivery time is at least two months behind schedule. They also overpromise some changes that did not occur. I hope once I am able to use the house forget about this details.

Our experience so far with the Pacaso team has been first class- we cannot wait to stay in our new home!

Everything was great for our recent stay on Red Cardinal. The home is gorgeous and very well equipped.

Jeremy was very helpful in showing us around the home on Red Cardinal as well as our future home on South Sea Pines. It was a pleasure meeting and working with Jeremy and we are very excited about our home on South Sea Pines.

I purchased a home in Tahoe in Dec. The purchase process was fine , all the team members were accommodating. The house is beautiful and I was very excited about my purchase until two months later a flood of purchase demands from other owners starting coming in. After our second stay we received an email from the house manager stating 6 out of 8 owners voted to install an $18,000 awning. Why the Pacaso team did not suggest less expensive options before jumping to an 18K awning still floors me. The management team should be doing some damage control, not running to spend owner money. We are not allowed to see how other owners vote or if they actually voted. This is all controlled by Pacaso. We were never provided with an estimate or a bill, just an email stating we each owe around $2000. I have asked numerous times for an estimate and now a bill. I have received neither. Since the request for the patio shade there have been numerous other purchase requests by the other owners. Luckily they were not all approved. Instead of feeling like a home owner, I feel as though Pacaso controls my home and dictates what I do.

Purchasing a share of a home with Pacaso was simple and everyone was extremely helpful. The customer service from start to finish was exceptional. We can’t wait to start using our new home.

Just had our first stay at our new house in Tahoe and it was even better than imagined! We were there with a couple weeks of closing. Close process was really smooth. I’m excited to enjoy such a nice second home without the hassles of a second home.

Great! Everything was smooth and easy. The process was a breeze

It was a very painless situation lol. The pacaso team worked well together in all phases of the buying process as the transition moved very fast but all questions were covered along the way! Highly recommend as a second home opportunity that’s affordable for amazing properties !

We have not stayed at our house as of yet but I do already see that getting to stay when you want will pose a problem. If I would have known how difficult it was to get in on the dates we want I do not know if I would have gone forward with this transaction. A few communication issues with the money wire but otherwise everyone has been very helpful and nice.

Pacaso made the idea of a second home a reality. After a two year search being outbid on several homes, shared ownership got us in to a beautiful home for a fraction of the price. Got rid of the obligation of managing a home and concern that we weren’t using it enough.
We are elated to have a place in Tahoe without the daily responsibilities.

Excellent customer experience. Keep it up.

We have been vey pleased with the responsiveness of Kyle, Sebastin and Lauren throughout the purchase process of Escondido.

Danny & Becky Mientka

Every person we have communicated with has been extremely friendly and helpful.
I’m in the real estate business and the financing / purchase process is like none other I’ve experienced…
Professional and straight forward.
We are looking forward to our house stays and are expecting the same terrific process and enjoyment.

Sebastian found the perfect second home for me! His team walked me through the purchase process which was quick and easy. A great experience.