Pros: The primary benefit of For Sale By Owner is to avoid having to pay hefty commissions to an agent in return for marketing and representation.
Cons: Because the seller is unrepresented in the transaction, they must be careful to avoid mistakes that can create liability with the legal disclosures. They also have to effectively handle the price negotiations, negotiate contract terms, complete the mandatory legal disclosures, manage time-sensitive contingency removals, deal with requests for repair negotiations, overcome contract disputes, and coordinate all the details of escrow and title.
Statistically, homes sold without an agent sell for 11% less than homes sold with an agent and have a significantly higher likelihood of contract disputes and more risk associated with issues related to mandatory legal disclosures.
Unfortunately, the most significant mistakes unrepresented sellers make are trusting the buyer's agent to represent them or getting the legal paperwork from an independent third party like an escrow office to figure out for themselves.