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  • real estate in Japan

    Does anybody on this forum understand the Japanese real estate business? I'm just about to lose the opportunity to buy the house I'm really interested in. Somebody put in an offer at the asking price, and the seller said "okay". But the contract hasn't been signed yet.

    We want to put in a back-up offer, in hopes that the first deal doesn't work out.

    I'm used to the U.S. system where the buyer has one realtor, and the seller has a different realtor. But it looks to me like in Japan there is just one realtor who handles the whole deal. Is that right?

    Do I need a realtor to represent me?

    Time is not on my side. The contract is scheduled to be signed in less than a week.

  • #2
    It all boils down to WHO you knows, your relationship with them and whether the "neighborhood chief" likes you.

    Just beware of the "trap" where the price is being raised by ÉTÉNÉČ players.

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    • #3
      Originally posted by ruserious View Post
      Does anybody on this forum understand the Japanese real estate business? I'm just about to lose the opportunity to buy the house I'm really interested in. Somebody put in an offer at the asking price, and the seller said "okay". But the contract hasn't been signed yet.

      We want to put in a back-up offer, in hopes that the first deal doesn't work out.

      I'm used to the U.S. system where the buyer has one realtor, and the seller has a different realtor. But it looks to me like in Japan there is just one realtor who handles the whole deal. Is that right?

      Do I need a realtor to represent me?

      Time is not on my side. The contract is scheduled to be signed in less than a week.

      Legally once a formal offer has been signed and put it, no other offers are allowed. HOWEVER, there are MANY shonky agents out there, and from experience (like twice in a month once, 2 different agents, not my agent, the one the seller had listed with) even though my offer had been put through, along came another buyer with cash (mine was an already approved loan, but was going to take 4 weeks to settle), and the agent in both cases basically put my offer aside and went with the cash buyer. Of course, legally, I could have sued their a-rses off, but being slightly supertitious, I decided that it just "wasn't meant to be" and my agent pulled out his sympathy card, worked even harder and found me a deal a hundred times better than the first 2 properties (unfortuneatly I had to pay cash though, and I never got to use that loan I'd been approved for), and without doubt the best deal I've ever found. The first property I wasn't too concerned about, but I thought hell would freeze over before I found a property as good as the 2nd one (so lots and lots of tears were wasted then!), but I was sssosoooo wrong! i found the deal of the universe!


      Anyway, I think it's highly unlikely that the agent will even consider you, unless of course you have cash, if the other buyer has already put in the offer at the asking price. Do you know if he needs finance? If so, it may not go through given the state the banking sector is in now (not even giving out loans for businesses, let alone jutaku loans), so you may have a chance there if his finance falls through.


      You don't need your own agent, although it may have been helpful as they could have negotiated on your behalf and perhaps struck a deal with the owner. Let the agent have all your details in case the deal falls through. Of course, you could offer slightly more than the asking price.....or better still.....if you RRREEEAAALLYYY want the property, get the property information (which has the owners address on), go there directly and offer slightly more than the asking price. If the owner hasn't put his hanko on the offer form, it's still legal.

      But as they say, strike with the iron is hot! Or look at from my point of view, maybe it just wasn't meant to be! With the real estate market the way it is (not a lack of buyers, but banks not lending) there are some really good deals out there, so I'm sure you'll find something else just as good, or better!

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      • #4
        Very helpful post. Thanks.

        Can you point me at a realtor who could represent me? It would be an all-cash deal.

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        • #5
          Originally posted by ruserious View Post
          Very helpful post. Thanks.

          Can you point me at a realtor who could represent me? It would be an all-cash deal.

          where are you located? I know guys in Osaka or Kyoto which I use on a regular basis, but not other places.

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          • #6
            Originally posted by ruserious View Post
            Very helpful post. Thanks.

            Can you point me at a realtor who could represent me? It would be an all-cash deal.
            If you are in Tokyo, I know a good guy.

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            • #7
              I'll be in Tokyo the second week of April. The house is in Niigata.

              Would a realtor in Tokyo be able to represent me in a deal in Niigata?

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