Www.Propertymanagementbulgaria.com and www.cheapbulgarianhouses.com with owners Nedyalko Nedelchev and Ivan Kimanov are currently being investigated by both UK and BG authorities. It is a well organized scam that is operating under a false image and pretense. The two individuals are betting on well maintained and flashy websites and the lack of backbone of the Bulgarian authorities to shut their activities down. So far they have defrauded lists of clients and are doing pretty well.
This is what they do in a nutshell:
What the owners Nedyalko Nedelchev and Ivan Kimanov do is have the potential buyer sign a preliminary purchase agreement for a real estate property, while they pretend to be the developer. You may ask, well why does not the buyer check the paperwork.
THEY DO! But after a couple of successful initial sales with buyers, the buyers' agents guard drops. (sometimes property does not even exist)
So... With the next few buyers, this is what happens: Buyer makes several installments on the property (e.G. 80%) to N. Nedelchev's company account. When it is time to complete the deal, buyer is not able to get a hold of the company and their real estate rep. Buyer then finds out the developer and demands property. However developer has no knowledge of the buyer nor has it received any of the money transferred to Nedyalko Nedelchev and Ivan Kimanov's property company's account. Developer demands money from Nedyalko Nedelchev in order to transfer the property, but is told that there are no money.in effect the developer cannot do much to transfer property to buyer, when there is no contract with them or receipt of money.
Nedyalko Nedelchev and Ivan Kimanov from propertymanagementbulgaria.com and cheapbulgarianhouses.com start their work by selling a couple of the developer's properties as intermediaries and gaining the developer's trust. (e.G. A couple of houses or apartments). They bring client and developer to sign a purchase agreement. This is the most they are allowed to do. However after a couple of clients, the scammers remove the developer from the contract and insert themselves as the seller. Developer has no knowledge of this and the above happens.
Nedyalko Nedelchev and Ivan Kimanov collect money according to the falsified purchase agreement but when it comes time to transfer the property to the buyer, they disappear with the money and client cannot receive a property, not having signed with a developer nor having paid the developer. (if the property exists)
Bottom line is that you may or you may not get the property that you have paid for.
You will get the property if Nedyalko Nedelchev and Ivan Kimanov from cheapbulgarianhouses.com and propertymanagementbulgaria.com are in the initial stages of the scamming game and even then it is not guaranteed. Buyer would have no knowledge of the stage.
Avoid at all costs and contact the police if approached by any of their representatives
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