We consider a strong coupling expansion for a two-band Hubbard model on two sites with nearly degenerate states. A comparative analysis is performed for different schemes of perturbation theory which are applicable to systems with nearly degenerate states. A fourth order approach which builds on a four-dimensional low-energy subspace with nearly degenerate states captures accurately the transition from an antiferromagnetic to a ferromagnetic ground state at large on-site Coulomb interaction.