Selling a house 1,695 miles across the Sea

[Darian Richardson]

Happy Belated Fourth Fellow Investors,

I am in a bit of a predicament, and wanted to reach out to BP before I make a decision.

My partner and I are selling a 2/1 single family home in the Caribbean Island Sint Martin however, we live in Atlanta. We previously decided to try the sell by owner method and elected a buyer in November 2017. After leading us on for nearly 8 months, she finally informed us that the bank rejected her financing because the house is wooden and has a greater risk of being damaged by the tropical weather.

Recently we were presented a cash offer of 75k and the house was appraised at 112k in November 2017. We are not planning to go down the sell by owner path again, so that leaves us with two choices. 

1. Hire a Realtor in SXM and sell the house (8%-11% of Agent commission)

2. Negotiate or accept cash buyer offer of 75k

Disclaimer(s):  The process of selling internationally has been a hassle. Communication to the island has been a challenge as well getting in touch with other necessary moving parts on the island such as the notary, Kadaster, as well the previous buyers. When we do get into to contact the lack of timely professionalism on simple request leads to more frustration. Nevertheless, the whole process these last months have been a hassle.

Hurricane season is approaching within the 3-4 months, and with the condition of the house, we do not feel confident that it can with stand another severe storm. The house has a damaged roof, and other cosmetic damages. 

The concern with option 1 is that if, the house  is not sold before hurricane season it potentially can accrue more damage or completely lose the entire property. However, with a realtor the house will be sold at a higher price, which brings in more cash.

The concern with option 2 is that, if we do settle for the 75k offer that is  36% from the appraised price, which does not sit to well with us. However, the selling process would be less straining and completed sooner.

If anyone has dealt with any situation similar to this, your experience would be greatly appreciated.