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 information 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 are dependent on the specific task. For example, the cost of valuation of a standard domicile on the territory of Varna can be 300 BGN. Detailed information on the different types of pricing can be found here. In case a set price is confirmed, it will become final and includes all types of taxation and administration costs in association with doing 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 follows a principle of the speed of execution. In that regard, a valuation of a standard accommodation on the territory of Varna can be done within a day.
4. Hon 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. In regards to which institutions your valuation is valid?
Answer: In general, in accordance with the acting legal framework of the state and specifically the type involving 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, and in that respect, Ivo Kostov's valuations can be used in association with: "Allianz Bank Bulgaria", "United Bulgarian Bank" (UBB), "First Investment Bank" (Fibank), "D Commerce Bank", "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, receiving 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 on the basis of a proof of ownership alone (a property deed) if in the said document there is information pertaining: the year of acquisition, the owner's name, the building's characteristics (including the associated components of the common areas), the year of placing in service.
8. Where is your office situated, and which municipalities are included in your service radius?
Answer: The office of the valuer in question can be found at Varna, 3 Dr Zheleskova Street (the buildings opposite Ticha/Cherno More stadium which is situated at Blvd. Osmi Primorski Polk), 43°13'1.29", 27°55'49.36". Services are available nationwide as the main region of active duty includes District Varna, District Burgas, District Dobrich, District Shumen, District Targovishte, District Razgrad, District Silistra, District Yambol, District Sliven, District Sofia (Capitol), District Sofia, District Plovdiv and others.
9. What is the validity of the valuation?
Answer: Under the basic international valuation standards, every single valuation becomes valid the moment it's completed (the date of the valuation report). A multi-factor validity can be provided to a valuation at the discretion of the valuer and at the request of the contractor. One of the most important of said factors is the market of assets of similar nature to the object of valuation. E.g., when the real estate market is very volatile, the validity of valuations lasts 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 of a valuation and the payment related to it can be made within one year after conducting the initial one (according to the valuation standards). This is done after a mandatory second inspection of the property in order to determine and confirm its physical condition.
11. What is the constitution of the valuation document which I will receive?
Answer: The document that the contractor receives upon finishing the job in question is a valuation report. This product is collected in paper form (and in some instances, also in an electronic version with an electronic signature), 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 done 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, valuation certification 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 in case there is no other option, a valuation can be done under the condition that various assumptions and restrictions are to be allowed and explicitly described in the report. Only with them 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 done after the contractor and valuer come to a preliminary agreement in regards to the conditions of both parties. From the valuer's perspective, there are fixed limitations to the aforementioned procedure.
14. What should I do after I receive the valuation?
Answer: In most cases, the valuer offers his contractor a valuation report due to the fact that it was a paid service. If the valuation is required by a certain bank, after receiving it, the contractor is to provide it to the bank office that requests it.
15. Is it possible for you to provide my bank the valuation report on my behalf?
Answer: If it's not possible for the contractor to submit the valuation to their bank, then the valuer can do it in their stead. It is done electronically, which has been imposed as 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: Excluding real estate valuation procedures 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.
