The Sale

As I noted at the end of the House Hunting page, nothing great is accomplished without a little bit of hard work. That being said, I think I've watched too many episodes of House Hunters International AND I underestimated what it would take to buy a property overseas!

I came home from my house hunting expedition in January of 2017 knowing which apartment I wanted to buy. That seemed to be the easy part. 

I had been working on having a small "nest egg" to get me started, and then believed that I would take a loan for 20 years and that I'd have a small payment each month. Key word...Believed.  

Since 2012, I've had dual citizenship in Italy, so I believed that getting a mortgage there would be easy.  I have a good income, could easily afford the payment, and I had some money to get the process started.  Little did I know that Italy would not make me a mortgage because I do not live there.  Also, little did I know that I could not find an international bank to make me a mortgage AND I also knew American banks would not lend me money on a foreign property. 

What I did learn is that I would need an Italian social security number, and what I also learned is that the efficiencies we enjoy in the United States are not as bountiful in Italy.  Yes, they have "la dolce vita", however, the "sweet life" comes at the expense of bureaucracy, red tape, and a speed which could be beaten by a snail.

I came back from my trip in mid January 2017 and knew I wanted to make an offer on the apartment.  I was nervous because I had heard that someone else had looked at it since I had and there was possible interest.  I could not make an offer until I had a secured way to pay for the apartment.  I called EVERY bank I could find that appeared to be an international bank, however, nothing.  No one would make me a loan.  No banks in Italy would loan me money because I did not live there, despite my being a citizen, having a social security number, and a proven income.

Over the course of a month, I worked to figure out a way to find a loan...I was determined.  At last, I somehow found a company online and I made an application for an unsecured, personal loan.  I applied for basically the amount I would need to complete the loan, including fees, etc. and then minus the small starter fund I had saved. The company, SoFi, was quick to respond to my application (about 2 hours) and let me know I was not eligible.  As you can imagine, I was very disappointed and thought my dream would not come true!  After getting the rejection, I thought, "Hey, what the hell, I'll reapply for a lesser amount and figure out the rest if I get approved."  

Shortly after filling out my second application, the phone rang.  I was surprised to be getting a call from SoFi, who asked if I had just applied for two loans.  I explained that I had applied and got rejected, so I thought I would try for a lesser amount.  Well, what I did not expect was that the gentleman on the phone would tell me that they had mistakenly rejected me for the first loan and I could indeed borrow the money! My heart almost jumped out of my throat!

So, that was during the February vacation in 2017, and yes, I took the large, unsecured loan.  The down side to the loan was the interest rate and number of years I'd pay, resulting in a payment that was about four times what I had thought I would pay.  The good news...I could afford the payment and the loan was only for SEVEN years.  Yes, SEVEN years. Knowing that, I took the plunge, accepted the loan offer I had originally applied for, and then jumped in with an offer on my dream apartment in Italy!

I made my offer for slightly less than what the seller was offering.  My realtor Francesca continued to be amazing, along with her colleagues at the agency, who all worked to help me figure out how to get the apartment. At the agency's suggestion, I bumped my offer up by $1000 and asked the seller to leave the stove and cabinets.  In Italy, generally, homes and apartments are sold with no appliances, no cabinets, stoves, sinks, etc.  Seems crazy, right?  In any case, my offer was accepted and then it was time to begin the process of paying down payments, etc.

Francesca did a great job laying out for me what I needed to pay, to who, and when.  Oddly enough, here in the states, you give a check for a down payment, have an inspection, get financing, and then bring a check to the closing. It did not quite work that way for me in Italy! Surprise!

I ended up wiring over money directly to the owner, had no inspection, and then came to the closing and had basically already paid for the property. I did have to bring money (in Euro) for the translator that needed to be hired for the closing. I also did not count on the exchange rate changing during the buying process.  Ultimately, I got the apartment for less than what some people in around Boston pay for a parking space for their car, but definitely a slight amount over what I had anticipated!

Luckily for me, I am a total planner.  Yes, a total planner.  I also liked some of what I saw in the apartment prior to buying it, so I replicated what I saw, putting my own spin on it!

Prior to going to the closing, I looked at all of the pictures that were online prior to my buying the apartment.  I went through each room, and made a list in a spread sheet, picking furniture from IKEA that was my "version" of what was there, but that I knew would fit.  Fortunately, there is an IKEA in Torino, and they deliver, which made my life a LOT easier!

When we left for Italy the Saturday before the closing, I had placed an online order with IKEA for a delivery on Wednesday of that week.  It allowed time for the closing and time for us to clean the apartment and have it ready for furniture.  

I ordered everything from throw pillows, to sofas, to spoons, and mirrors!  Needless to say, on that hot Wednesday, we were bombarded with about a hundred boxes and a million allen wrenches to put together all of the furniture.  Patti and Aaron were amazing, and over the course of two days total, the furniture was all put together and I had a basic, furnished apartment!