Purchasing Unlisted Property from Neighbor, Should we do a FBSO?

[NaTarrio Jones]

My neighbors just informed me that they would like to sell their home. As of yet, they have no agent and have not listed on MLS. I am very interested in their property; however I would like to know should I present the idea of doing a FBSO transaction or would it be best for us both to get agents. What are the pros and cons of a FBSO? Please let me know your thoughts...Thanks in advance.