Japan's courts are quietly selling property

When a Japanese property is foreclosed, it goes to a court auction (競売, keibai) — and anyone can bid, foreigners included. The court hands you a 3-document set — property statement, on-site investigation report, appraisal — but there is no interior viewing, no seller disclosure, and no warranty. You post a deposit (typically 20% of the starting price), and starting prices sit below appraised value for a reason: the risks ride along with the deed, including whoever might still be living there.

Before any purchase contract is signed, the law requires a licensed agent (宅地建物取引士) to walk you through the 重要事項説明 — the Important Matters Explanation. Title, zoning, road access, hazard zones, leasehold rights: if a property has a skeleton, this is the closet it's filed in. The session can legally happen over video call (IT重説), but it's usually Japanese-only — bring your own interpreter or a bilingual agent, and ask for the document before signing day, not at it.