Japan would have to be one of the best places in the world to buy foreclosed property. Many people might steer away from this market because of:
1. The need for business level Japanese speaking skills or a Japanese-speaking agent, or a VERY good friend.
2. The negative population growth
Nevertheless the country has some compelling values to offer:
1. The prospect of Japan changing quickly - as its historically prone to do very quickly, eg. The Black Ship Period, the Meiji Period, and the post-WWII recovery.
2. Its an idyllic place to live in many respects
3. Cultural curiosities
4. Internal population growth - regional areas might be stagnating but thats because the largest cities are growing in population.
There are several sources of information on foreclosed property in Japan:
1. http://bit.sikkou.jp/
2. http://www.e-foreclosuresearch.com/ebook.php
3. http://tokyoforeclosures.com/
4. www2.athome.co.jp/index2.html
5. Local district court offices - usually there are several branch offices in each prefecture
The best approach is to download the documentation from the internet since that saves you the hassle of having to find and travel to district court offices. You will however need to go to the respective court office to lodge your bid application with your 20% deposit.
You will immediately note that buying property looks impossible if you dont speak Japanese. You can sure that the bureaucrats in the court offices will not speak English - so it will be encumbent upon you to speak Japanese or find someone with reasonable Japanese and some understanding of the Japanese property market.
1. The need for business level Japanese speaking skills or a Japanese-speaking agent, or a VERY good friend.
2. The negative population growth
Nevertheless the country has some compelling values to offer:
1. The prospect of Japan changing quickly - as its historically prone to do very quickly, eg. The Black Ship Period, the Meiji Period, and the post-WWII recovery.
2. Its an idyllic place to live in many respects
3. Cultural curiosities
4. Internal population growth - regional areas might be stagnating but thats because the largest cities are growing in population.
There are several sources of information on foreclosed property in Japan:
1. http://bit.sikkou.jp/
2. http://www.e-foreclosuresearch.com/ebook.php
3. http://tokyoforeclosures.com/
4. www2.athome.co.jp/index2.html
5. Local district court offices - usually there are several branch offices in each prefecture
The best approach is to download the documentation from the internet since that saves you the hassle of having to find and travel to district court offices. You will however need to go to the respective court office to lodge your bid application with your 20% deposit.
You will immediately note that buying property looks impossible if you dont speak Japanese. You can sure that the bureaucrats in the court offices will not speak English - so it will be encumbent upon you to speak Japanese or find someone with reasonable Japanese and some understanding of the Japanese property market.
Translation of the Bit Sikkou Website
I intend to publish a document for sale on how to buy foreclosed property in Japan. My information is based on 2 acquisitions and several other attempts in Saitama Prefecture, Japan. The rules differ slightly between prefectures, but basically its a national distressed property settlement scheme.
I intend to publish a document for sale on how to buy foreclosed property in Japan. My information is based on 2 acquisitions and several other attempts in Saitama Prefecture, Japan. The rules differ slightly between prefectures, but basically its a national distressed property settlement scheme.
1 comment:
Interesting points. I have never though about buying homes in Japan as investment, but you gave some good starts to think about.
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