Well, for one thing, the bank or mortgage company does. They actually don't like private sales.
If a sale is being made privately rather than through a licensed real estate professional, the level of scrutiny the deal gets will probably be higher. I've been told this by numerous mortgage brokers over the last few years, and the reason for it is simple: mortgage fraud.
If a sale is through a licensed real estate professional, the chance of it being a case of mortgage fraud are smaller. Not gone perhaps, but much smaller, because the long-term value of keeping one's real estate license is more than any short-term gain from a few fraudulent deals. A licensed professional is more likely to do their due diligence and less likely to be tempted by short-term gain.
As a result, banks and mortgage companies may require a higher level of appraisal and almost certainly give the deal significantly more scrutiny when the purchase is a private sale.
And some won't even touch them. As a buyer, that might limit your financing options. As a seller, your buyer might run into an unexpected brick wall and get cold feet for no good reason.
But don't just take my word for it. Here's a data sheet from one lender whose policy is simply not lending on private sales.
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