When someone still has an attachment to their home, but can't afford it, they are selling shares. It is something like a time-share, but buyer beware!
It is happening particularly in vacation homes, like in Hernando Beach, Florida where they are relatively high-end homes and the owner loves the area, but needs to sell. If you see this and are interested, do your homework. If the owner has a mortgage or two, he may not be able to sell shares. If he doesn't and you go ahead, make sure everything is in writing and understood before - I suggest that you consult a lawyer and have something drawn up.
It is not a bad idea if you want to enjoy the Florida lifeystyle, but are on a limited budget. We have beautiful homes all over Hernando County, homes on the water in Weeki Wachee and Hernando Beach, just be sure to know all the facts before signing. You know - "when it is too good to be true, it usually is".
Have a great day and enjoy!
