From my experience, the pitfalls of FSBO include:
-Lack of research - NH law includes numerous required real estate disclosures, including information about sewage disposal system, water supply system, and insulation. Sellers are required to disclose if the property had been used for methamphetamine production (I'm not kidding!) and if the property is subject to a public utility tariff. Sellers must also disclose the danger of radon, lead paint, and arsenic. See NH RSA 477:4-a, b, c ,d, g and h. Other disclosure, although not required by law, can greatly reduce liability.
-Emotion - To some, selling a property, especially ones home, is very emotional. Negotiations can be ruined if emotion, rather than practicality, rules.
-Marketing - This obstacle can easily be overcome by using an entry only service, such as Polka Dot Properties. It can be difficult to reach prospective buyers without MLS exposure.
-Holding a contract together - Putting a property under agreement is sometimes the easy part. Inspection, financing and deed issues are common causes of contract failure.
For many reasons, hiring a qualified agent is a very good idea for some sellers. Contrary to Matt's post, however, an agent does not assume "all of the legal repercussions". An agent is liable for failing their statutory disclosure obligations, failure to disclose KNOWN material defects, or fraud. There is substantial case law demonstrating sellers liability for failure to disclose and misrepresentation. Property sellers are liable whether they sell their property themselves or use an agency.
Best wishes for a very smooth sale! From the previous comments, you just might find your buyer here on the forum!
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