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Apartment building foreclosure

thesuker

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20 May 2014
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Last month I got a letter from Osaka court (almost gave me a heart attack) saying that the owner of the apartment building I live in owes money to a bank and asking me for some general information. This month I got a letter saying a guy from court will come to check the building and all apartments' condition because the building is going out on public auction. I was wondering if anybody that has gone through a similar situation or knows a bit about these things could tell me what to expect (Will I be able to continue living there? Will the rent conditions change? Will I have to move...)
 

Majestic

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How old is the building? Over 30 years? The older a building is, the more it costs to maintain (and the harder it is to find renters). So an old building might be a target for re-development. But even in this case it will take a few years for a new owner to "empty out" the building. Renters have some rights and protections, so you won't be thrown on the street. I reckon it would take at least 2 years for an owner to vacate a building. Longer if there are a lot of tenants in it.

If the building is new, then the entity buying the building is probably looking at it as an income-producing asset. They probably don't want to spend a lot of money on kicking out tenants and then cleaning the apartment then advertising for new tenants. I wouldn't lose sleep over this, but answer all correspondence so you can get the latest info from the court.
 

Deibiddo

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Just go to the ward office, they might actually just be bluffing to get you to leave when you actually have the right to stay
 
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