Pacaso Reviews

everyone has been fantastic. From Mischa, to Lanre, and Pheobe, everyone has been helpful

Date of experience: September 15, 2022

Great communication during the entirety of the process, and wonderful, friendly people who demonstrate they care about providing great service.

Date of experience: July 19, 2024

Hindsight is always 20/20, so if you are looking to be locked out of heaven, you should go into your deal blindly. Other wise open your eyes because there is no transparency with this company and their main focus is profit for execs with the bottom line number, and certainly NOT you the owner. BUYER BEWARE! Everything will be roses until you start asking questions or want to SELL. Our experience has been horrible with very poor services. Let us start this RANT Like in LIFE, it doesn’t matter all the positive reviews or things you’ve done, people will only remember or care about the one BAD thing you did to them, intentional or not. So this ONE 1 STAR review is for you Pacaso! Despite the other 100 positive 5 stars you got, it still doesn’t make up for the other 45 1-3-4 stars on your trust pilot review. It’s the 1 stars people want to know about because you hurt the owner in some way that made them feel bad about their decision to trust you. This review is a culmination of 4 years of positive and negative experiences we have had leading up to the final straw that broke our mother’s back, summing up to a big fat ONE STAR!

We have tried to get out of Pacaso since our 1st purchase in 2020 and met with all sorts of excuses and new policy changes and rules. It began with … you have to wait at least one year, then wait until all shares are sold, then wait til the market is just right. We have given them more chances then they deserve, trying to believe their ‘promise to make it right’, ‘give us more time’, ‘we have someone knew’, ‘let us support you’. All good lines from this unicorn start up company. Google their competitors, google what’s wrong with pacaso, research, read the reviews don’t make a mistake like us and just trust like we did or you will cry later.

Let’s start with the APP, it needs much improvement and has many many restrictions. Although they try to make it fair since it is so hard to schedule dates with 8 different people wanting to share the best times and holidays, they won’t let consenting owners work with each other so that they can CONTROL all the final decisions.

They change (and excuse it as ‘updating’) their contracts so they continue to keep control when an issue arises where they see that a new owner could potentially have more rights. So when a new owner buys a pacaso in 2024, that contract is more restrictive than the contracts they put out in 2020; because they have learned to add another restriction in a new agreement to remove another owner right that didnt come up before. And they will hold you to the new existing contract, unless you make a legal challenge to them which will cost you money to
fight. Ask them how many times they have ‘updated’ or added these little things and the response will be … oh ‘It’s to protect your rights’ they say. But you won’t know what they took OUT, just to keep IN (the contract) for their control. It requires all 8 owners to dissolve their pacaso management of the home with their final approval, so you will virtually NEVER EVER be able to come to this decision, so you are tied to them for life. Unless you get lucky and can sell for a LOSS.

They could care less to help you sell because they make all the monthly fees and will drag out your listing and bury it as long as they can. If you drop your price you may get some interest but you won’t be a priority to get out of a BAD MARRIAGE. They own all the attorneys, agents so make all the commission 6% ex. if you sell for $750k they pocket $45k; or try to use your own agent but then you won’t get any access, no call backs for showings because they say other owners are using property so they can restrict your viewing windows all in an effort to CONTROL the process for their benefit. You are at the bottom of the list of priorities since they don’t want any interaction with potential buyers and other owners to convince them not to buy or to share any feedback or negative experiences that would lose the sale and chance to dupe another unknowing hopeful 2nd home dreamer. Their resales team is the worst and they have gone thru numerous agents and home managers, who have turned over several times. Although they are a young company 3-4yrs old, we have gone thru at least 3 new HM contacts for each home every year.

They have different rules for each market and are not consistent in their deal offers or incentives, depending on the profits they want to make off you. They use a high pressure due diligence process and say it’s quick and easy 2 wk close, and they penalize you for wanting to extend your DD and make your deposit non refundable.

They offer empty promises, initially give you RSU restrictive stock units/options (for future IPO) then remove this incentive. They restrict the calendar and block dates to YOUR alleged ‘home property’ at their own will for their own benefit by saying they own a share. 👎🏻

Date of experience: May 31, 2023

Such helpful and professional people. Very personable. Made for a great experience in evaluating and choosing a 2nd home for great family vacations!

Date of experience: May 06, 2023

The team has been great to work with. Chad, Lana, and Phoebe have been very prompt, helpful, and supportive. All we need to do now is have our first stay! Very happy with the process.

Date of experience: October 27, 2023

Very simple and seamless second home ownership. Straightforward and no timeshare gimmicks.

Date of experience: March 06, 2022

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.

Date of experience: August 01, 2022

Love everything so far. Only reason for 4 vs 5 stars is that we still don't have our patio furniture.

Date of experience: August 31, 2021

Very excited; the Pacaso experience has been amazing so far.

Date of experience: February 25, 2022

Acquiring a luxury home in a desirable area with Pacaso is seamless. The Pacaso team provides proactive, transparent communication. They are professional, knowledgeable, personable, and committed to their clients having an excellent home ownership experience.

Date of experience: October 15, 2023

Our "onboarding" session and actual onsite house orientation was very informative and thorough, and all the staff were very friendly, supportive, and happy to answer all our questions.

Date of experience: April 14, 2023

All the people contacted in connection with this purchase were courteous and helpful. The documentation through Docusign was disconcerting at first, but facilitated easy completion.

Date of experience: December 16, 2021

Very helpful in guiding through all the steps and processes!

Date of experience: April 09, 2022

Great people helping with the process.
Great properties

Date of experience: January 10, 2023

Date of experience: June 25, 2022

The house was thoughtfully stocked, well cleaned and operational ! Loved the experience !

Date of experience: February 14, 2022

Great service, everyone answered my buyers questions quickly and efficiently.

Date of experience: November 29, 2021

Wonderful stay. Looking forward to the next one!

Date of experience: January 06, 2022

The team works well together and makes it a pleasant experience doing business.

Date of experience: April 08, 2023

Date of experience: August 24, 2022