Purchasing in St. Croix
The great thing about buying real estate in St Croix is that it’s the good ol’ USA – so you get title and a recorded deed – and your investment is safe. Any licensed real estate agent here can show you any property that is listed in the MLS. We generally know about “FSBOS” (for sale by owners) as well, and can show you those that fit the bill for you.
The vast majority of agents here are “sub-agents” – which means that they actually work for the Seller. Buying a home here is a MAJOR undertaking. Our passion is helping others find a home or piece of land here on St Croix, so if you are seeking a property here, we would invite you to request that we serve as a Buyer’s agent for you. We will do everything in our power to find the perfect match for you – regardless of who’s listing it or what the commission is. When you find something you like, and want to make an offer, we will negotiate to get you the best price! Our job is to see that you find what you’re looking for, and help bring you and the Seller to a place where you both are happy with the outcome!
There are a few differences to purchasing real estate in St. Croix. First, you should expect your earnest money deposit to be about 10% of the purchase price. Also, you will need to hire an attorney for the closing process. There are typically 3 attorneys in most transactions – the Buyer’s attorney, the Seller’s attorney, and the Bank’s attorney, if a mortgage is involved. For this reason, it is not necessary for you to be here for closing.
We strongly recommend you have your property inspected; and your offer will be contingent upon that. If you get a mortgage (and you must use a local bank, broker, or someone licensed here in the VI, which only includes a few off-island companies that we are aware of), you will most likely be required to have the property appraised and surveyed, and of course you will have some fees associated with getting the mortgage.