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July 14th, 2011
Editor’s Note: This is the second in a series of articles on how to get started in the Tokyo foreclosed real estate market. We are running this series in preparation for our “How to Invest in Tokyo Foreclosures” webinar on July 20th with Edward Perkich. To learn more about the webinar and to register to watch, please click here. The first article in the series was “Investing in Tokyo Distressed Properties: A Beginner’s Guide“.
What happens if I submit the winning bid and then change my mind about purchasing the property?
You would not be able to bid again for two years under your own name. For obvious reasons, we do not recommend this.
When will I know who wins?
The name of the winner will be released on a day selected by the courts, usually seven days after the closing bid date.
If I win the bid, when do I have to pay the remaining balance?
Normally the remaining balance must be paid a maximum of one month after winning the bid. You will be notified of this target date if your bid is successful.
What if I end up paying more than I expected?
The final bid is always up to you, so we recommend obtaining other estimates on the property you’re interested in from different sources.
What can I do with the property once I’ve bought it?
You can live in it, rent it out, sell it, or whatever you like—it’s yours!
Can I apply for two different properties at the same time?
Yes, or even more if you’re so inclined and have the necessary financial resources.
Can I place two bids on the same property?
We think you know the answer to this question–no.
What if I’m married to a Japanese national?
This might make it easier for you to understand the information that we send you, but makes no difference when purchasing the property—money talks!
What documents do I need to supply?
Your bid will only be accepted if you can present copies of a valid passport and a current alien registration card.
I don’t have a permanent residence visa. Can I still buy?
Yes. Anyone can buy distressed property in Japan if they are paying cash. You will, however, need to have a permanent residence visa to apply for a bank loan.
Do I need to have a registered hanko (seal)?
Yes. A signature will not be accepted.
What if the property is still occupied when I buy it?
In the vast majority of cases the occupants will simply move out. In some cases people may refuse to vacate, but the courts will eventually authorize their eviction and they will have to leave.
What will I need to do to the property once I buy it?
In most cases distressed properties have not been well maintained and will require renovations. This is a serious consideration you should be aware of before settling on a property.
Photo Credit: Kenneth Allen via Wikimedia Commons
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