private sale that needs to go through an agent

[onthebus]

Hi Just wondering if anyone can enlighten me regarding putting a private sale through a real estate agent in order to avoid a valuation inspection of a property I want to buy. I am selling my investment property in order to buy another house of a similar price via a security swap. My mortgage is with ANZ and the loan manager has told me the bank won't accept the property I want to buy as security because it doesn't have a standard bathroom. Even though my LVR is below 80%, I am buying the property through a private sale which apparently means the property will be inspected. He said if I can go through a real estate agent, then there won't be a valuation inspection, just a desktop or drive by. Can anyone explain what 'going through an agent' would entail? Just a contract provided by them, or is it more complicated? Any potential risks / problems involved with this? Thanks.

 

[Rolf Latham]

your seller would obviously have to pay the agent something to make it happen.

shouldnt be too hard to arrange

ta
rolf

 

[onthebus]

Thanks for your reply Rolf. Yes - I will be paying an agent. I have found one who will do the contract for me for $300 (which is a lot less than I was expecting) - is that all he would have to do to satisfy the bank ie what proof does the bank need? Thanks.

 

[Brady]

The person completing the loan it's really doing the right thing by the bank, the transaction is still not at arms length. Property might now be going through an agent but the property sale is private between two parties, the property hasn't been offered on the open market.