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Karen

Selling And Buying Real Estate In The US Virgin Islands

Here I live in the US Virgin Islands.  What a beautiful place to be!

karen-korsgren-headshot

When I was 15 my family went on vacation to Grand Cayman.  Ever since then I have wanted to live somewhere where it is warm all the time, palms are the most abundant trees, the water is aqua, and wearing your black flip flops means you are dressed up.

Well, it took a few years for me to convince myself that I could do it, but here I am.  I moved to St Thomas in October of 2004 and I have never looked back.  I am selling St Thomas real estate, along with St. John real estate and St. Croix in one of the most beautiful areas in the world and loving it!  Now I get to help other people find their dream home.  This can be a studio condo or a multi-unit income producing home or a piece of land.

The US Virgin Islands consist of St Thomas, St John, St Croix, Water Island, and various other smaller islands and cays.  I can help find commercial space for those of you looking to start a business or I can help you purchase an established business.

Feel free to email me at islandrealestate@joimail.com if you would like to find out what real estate is available or ask me any questions.

Karen Korsgren (”Island K”)

islandrealestate@joimail.com

ph: 340-514-4730

Comments (4)

Karen

Closing on property…encroachments

Let me start by saying, buying a home here is the same process as buying one in the states.  Oh wait, but it is not.  

As far as I can remember, the lending institutions here need all the same information, they just go about collecting and organizing it differently.  There are a few additional requirements (like hurricane insurance) that were not required in other states I have lived in.  My customer and I have been under contract since February 14th, 2008 to purchase a lovely two unit home on St Thomas.  Today is September 21st and we still do not have a closing date.  Now it is not all the banks fault because there have been some changes and the seller has been slow (very slow) about some items, but I do believe if the banks here had more of an interest in doing things in a timely manner, this would not be taking quite so long. 

The first problem was that the property had three encroachments.  This means that a part of a structure (building, fence, driveway, etc) from one property is actually on another property.  Every time a home or lot of land is purchased in the USVI, a surveyor must go to the property and map the boundries.  According to the original builder of this house, everything was built two feet within the properties boundries, however the current surveyor has said that this is not true, so the present owner of the house has to “cure the encroachments” prior to closing.  Normally a lending institution will not lend you money if someone else can lay a claim on part of the land they are funding.  The present owner of this house was fully aware of the encroachments before listing the property.  In the contract it states that the owner has 60 days from notification to cure encroachments or leins against the property.  The encroachments were supposedly cured and resurveyed by August 15, 2008. 

My buyer could have (in retrospect should have )backed out of the contract after the 60 days.  The problem was that there was not a alot of choice in that price range, they really liked the house, and they could see a lot of potential for improving the property.

So, the next issue… the banks take on the appraisal.

Comments (1)