With Pacaso Now, the company is offering a 5 percent down payment option for a one-eighth share, thereby providing second home buyers three options after 12 months, according to an announcement.
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Co-ownership company Pacaso is driven by wanting as many people as possible to understand what it’s like to own a second property, as well as to own the experience itself.
To that end, the company is launching Pacaso Now, a temporary, low-down payment option that allows buyers to test-run what the company promises.
A 5-percent-down option for a one-eighth share, announced January 5, offers new share owners three options after 12 months. They can choose to continue owning by paying the remaining deposit, apply the 5 percent to another Pacaso home, or walk away without penalty, minus the introductory down payment.
Pacaso Now is being made available on a handful of listings, such as homes in Lake Tahoe, Napa and Malibu, California, as well as in Jackson Hole, Wyoming; Miami Beach, Florida; and Avalon, New Jersey.
The company referenced market conditions as a primary driver for creating Pacaso Now, saying in an email to Inman that challenging economic conditions impact those on the fringes of the second home market more than high net-worth individuals.
Participants can pay using a multitude of methods, including credit card or cash, either in a single lump sum or in two equal six-month installments, one at closing, the other six months later. The company enables those who have cryptocurrency to pay for traditional Pacaso shares.
“Buyers leveraging the Pacaso Now payment program can not access financing until year two of ownership. At that time, they will be eligible for a loan at current market rates. Financing fees would apply,…