Overview – How Does Savvilla Work?
Savvilla is a buyer matching service that pairs two pre-vetted parties to co-own a vacation home together where they are both on title 50/50 as tenants in common (“TIC”). By combining their purchasing power, two second home buyers can acquire a home with a higher value that they can each enjoy for personal use, rent for profit, or exchange for 14,000+ homes on the luxury second home exchange network, THIRDHOME.
Savvilla assists the parties’ real estate agent(s) in the coordination of the TIC transaction. Next, Savvilla assists the new owners in setting up a turnkey, hassle-free ownership experience.
Every Savvilla second home includes a comprehensive operating agreement that covers all the common issues that should be addressed between owners in a TIC ownership format including how bills will be paid, how the two owners will divide their exclusive use of the home (most 50/50 owners choose to divide their usage 50/50), and a fair process for handling what happens if an owner defaults on their payments, or decides to sell their share.
True Liquidity
When it’s time to move on, a Savvilla co-owner desiring to sell can name their own price (for their half of the home). In most jurisdictions, they can also list their 50% interest on MLS (ask your agent how it works in the jurisdiction you are considering). And to keep things fair, Savvilla ensures the remaining owner has a Right of First Refusal (“ROFR”) on any offer the selling owner wishes to accept.