Frequently asked questions about


What is

The is a web portal for real estate foreclosure auctions. A member agent will help you bid in an auction.

The is a platform that enables you to search and find properties, with information on foreclosed properties availed by the Supreme Court of Japan, along with data that is easy to use. The portal works with member agents who have deep roots and personal networks in each region, and support secure and transparent auction transactions.

Who is FKR that operates the

FKR is a general incorporated association with real estate companies as members. They are experts in court auctions of foreclosed properties.

FKR hopes to promote the market of foreclosure auctions, and to enrich the housing market, by analyzing and exchanging information on the foreclosed properties all over Japan.

It is the only association of its kind in Japan with member real estate companies all through Japan who want to enrich and enliven the nation by promoting trades of properties in court auctions.

What are the differences between foreclosure auctions and regular real estate transactions?

Foreclosure auctions offer opportunities for the general public to purchase real estate through court-sponsored auctions.
When a debtor defaults, the court seizes the collateral property, auctions off the property to the highest bidder, and allocates the proceeds to the creditors.

Foreclosure auctions used to be only for specialized realtors. After the bubble economy, foreclosures increased and the Civil Execution Act was revised to enable the general public to engage in fair and secure transactions. Winning bids may range from about 30% to 50% discount of market prices, so there are more bids from the individual buyers as well as from real estate companies.

A foreclosure auction is a way to redeem the real estate with the creditor, the debtor, the court, and the buyer cooperating with each other.

Can I ask FKR or to represent me or otherwise help with bidding?

FKR and do not directly engage in the auction transaction.

Through the, a prospective buyer may easily contact an auction concierge listed on the property information site.

Auction concierges are regular members of FKR who had to meet the association standard and take some seminars. Please feel free to contact the auction concierges, the regular members of FKR.

FKR and the do not at all engage in other information services, including those to companies, in actual real estate transactions, or in contracts or other interests between an agent and a buyer.

Information on properties on

How do you obtain the information on foreclosed properties provided on the

The auction information on is based on the information provided by the Supreme Court of Japan, Broadcast Information of Tri-set system (BIT).

You may directly download PDF files, in Japanese, on properties from

The does not obtain any personal information, such as previous owners and details on bid winners, which are not disclosed in BIT.

Can the data on sold properties be deleted?

Yes, it can.

Please provide following information. Contact

  • The court in charge of the property
  • The case number
  • The address of the property

Please contact the operators of search engines for the property data that remain in cache shown on search engines such as Yahoo and Google.

Can I see documents of courts not listed on the site?

No, you cannot see documents of courts not listed.

Information disclosed on the is linked to those of the BIT system, so courts listed on the BIT will be also listed on the

What are rating and ranking of properties? What are the standards?

Ranks on the are assessed from the numerical factors below.

  • Cap rate based on the base bid price
  • Lease demand based on location
  • Ratio of expended depreciable years based on structure, use and age of the building

They are rough indicators for you to pick out those that match your interests from a large pool of properties.

Each property is unique. So more stars do not necessarily mean a better property. Please contact the auction concierge listed on the property page for details on the properties.

What are the gross yield and the cap rate?

They are based on following formula, and expressed in percentage:

  • Gross yield: Annualized estimated rent minus maintenance and other costs divided by the base bid price
  • Cap rate: Annualized estimated rent minus maintenance and other costs multiplied by the occupancy rate divided by the base bid price minus tax and other costs

* Please also refer to the page on rating factors
* Maintenance costs are deducted only for apartments and other types of shared residential properties

What are lease demands?

The formula below assigns points from 2 to 25 based on the growth rate of population and the population density, the total population per square kilometer, of the municipality or township, and the distance from the closest train station.

Coefficient for the distance to the closest station multiplied by the sum of points for the population growth and the population density

What is the ratio of expended years over the depreciable years?

The formula below calculates the ratio of years passed since the asset was built over the depreciable years for the asset legally set for tax purpose

(Current year and month minus the year and month the asset was built) / the depreciable years



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