FAQ
1. Why do I need a valuation?
Answer: The valuation of a subject might be necessary when it comes to credit, mortgage, transfer of ownership via various types of transactions (sales/purchases, barters, donations), divisions/segregations, inheritance, liquidations, leases, insurance, settling litigations and out-of-court disputes (resolving judicial and extrajudicial disputes), information for owner's need, a demand for details of the owner, investment analyses and projects, development of business, reorganization, mergers and acquisitions of enterprises, bankruptcy and liquidation of companies, accounting needs, tax procedures and others.
2. What is the price of the service?
Answer: Prices depend on the specific task. For example, the cost of valuing a standard domicile in Varna can be €150 (293.37 BGN). Detailed information on the different types of pricing is available here. If a set price is confirmed, it will be final and will include all taxes and administration costs associated with the valuation.
3. What are the deadlines for completing a valuation?
Answer: The timeframes for performing the contracts are also dependent on the specific undertaking. It is of extreme importance to clients that Ivo Kostov follow the principle of speed of execution. In that regard, a valuation of a standard accommodation in Varna can be completed within a day.
4. How can I pay for the service?
Answer: All services to be executed are paid via banking."Allianz Bank Bulgaria" AD
BIC: BUINBGSF
Ivo Kostov
IBAN: BG02BUIN95611000114414
Reason: type of service provided/payment via invoice №
5. Regarding which institutions is your valuation valid?
Answer: In general, in accordance with the acting legal framework of the state and specifically the type of valuation activity, every valuation is valid when done by a registered valuer included in the Public Registry of independent valuers of CIAB. Some contracting entities, however, prefer to do business with particular valuers who fulfil their criteria. In that respect, Ivo Kostov's valuations can be used for the needs of: "Allianz Bank Bulgaria", "United Bulgarian Bank" (UBB), "First Investment Bank" (Fibank), "Bulgarian Development Bank", Ministry of the Interior, National Revenue Agency (Ministry of Finance), Registry Agency (Ministry of Justice), Varna District Court (Ministry of Justice), Varna Administrative Court (Ministry of Justice), Varna Regional Court (Ministry of Justice), Private and State bailiffs, Insolvency representatives, Chamber of Independent Appraisers in Bulgaria, Law firms, Liability companies with special investment purposes (REITs), Accounting firms, Construction and investment companies, Real Estate Agencies and others.
6. What are the steps of conducting a valuation (of a domicile)?
Answer: The main steps (procedures) of such a valuation include: awarding a contract which is preceded by an agreement between the client and the valuer about the price and deadline of executing the task, receiving information related to the goal of the valuation, transmission of necessary documents and materials, property inspection, obtaining additional information on the premises, determining the basis (standard) of the amount to be charged which depends on the purpose of valuation, compiling a valuation report in accordance with the applicable standards, providing the complete valuation product.
7. What are the required documents?
Answer: The type of documents needed for carrying out the valuation depends on the property in question as well as the information presented in the provided materials. For example, the valuation of a standard new works domicile can be done based on a proof of ownership alone (a property deed) if in the said document there is information about: the year of acquisition, the owner's name, the building's characteristics (including the associated components of the common areas), and the year of placing in service.
8. Where is your office situated, and which districts are included in your service radius?
Answer: The office (primary) of the valuer in question can be found at Varna, 3 Dr Zhelezkova Street (opposite the Ticha/Cherno More stadium, situated on 43°13'1.29", 27°55'49.36". The valuer is also periodically at the address: Sofia, 198 Slivnitsa Boulevard. Services are available nationwide as the central region of active duty includes District Varna, District Burgas, District Dobrich, District Shumen, District Targovishte, District Razgrad, District Silistra, District Ruse, District Yambol, District Sliven, District Stara Zagora, District Sofia (Capital), District Sofia, District Plovdiv, and others.
9. What is the validity of the valuation?
Answer: Under the basic valuation standards (globally), every single valuation becomes valid the moment it's completed (the date of the valuation report). A multi-factor (extended) validity can be provided for a valuation at the valuer's discretion and at the client's request. One of the most important of these factors is the market of assets of a similar nature to the object of valuation. For example, when the real estate market is highly volatile, valuations remain valid for 60 days. If it's the opposite case, then it can be applicable for up to 180 days.
10. Can I get an update on an already existing valuation?
Answer: The update to a valuation and the payment related to it can be made within one year after the initial valuation (according to the valuation standards). This is done after a mandatory second inspection of the property to determine and confirm its physical condition.
11. What is the constitution of the valuation document that I will receive?
Answer: The document the client receives upon completing the job is a valuation report. This product is collected in paper form (and, in some instances, also in an electronic version with a digital signature, which, in today's times, has become a more preferred and more convenient option), and its volume is determined by the scale of the subject being valued. A standard valuation report of a domicile, along with all of its attachments, is comprised of 25-30 pages. The valuation reports prepared by Ivo Kostov include basic valuation information, contents, a statement (with data on ownership, analyses, marketing information, comments, assumptions, and conclusions on the value), a map, photographic materials, copies of proofs of ownership and attestations, a valuation certificate, and additional documents. The valuation reports comply with the requirements of the International Valuation Standards and the Bulgarian Valuation Standards.
12. Is it possible for a valuation to be conducted without an inspection of the premises?
Answer: It's not possible overall, but if there is no other option, a valuation can be done under the condition that certain assumptions and restrictions are allowed and explicitly described in the report. Only when they are taken into account can the specified value be valid.
13. What are your work hours, and when can we do a property inspection?
Answer: An inspection of a specific property can be conducted after the client and valuer reach a preliminary agreement regarding the conditions of both parties. From the valuer's perspective, there are no fixed limitations to the aforementioned procedure.
14. What should I do after I receive the valuation?
Answer: In most cases, the valuer provides his client with a valuation report because he/she has paid for the service. If the valuation is required by a specific bank, upon receiving it, the client is to provide it to the bank office that requested it.
15. Is it possible for you to provide my bank with the valuation report on my behalf?
Answer: If the client cannot submit the valuation to their bank, the valuer can submit it on their behalf. It is done electronically, which has become standard practice in recent months and years.
16. What other types of valuations do you conduct other than real estate, and what other services do you offer?
Answer: In addition to real estate valuation, which are the most common ones, Ivo Kostov carries out valuations of business enterprises and claims, financial assets and institutions, machines and equipment. Other services that he offers are: drafting opinions on offer, sales and rental prices of businesses, financial institutions, financial instruments, real estate, movable assets, intangible and other assets, different types of technical expertise, plotting of residential and business properties, consulting services, assistance with granting loans, discount negotiation/reductions of sales or rental prices.
