What are the pros and cons of buying a house by "agreement for deed"
as opposed to a bank-financed mortgage?  Let me explain my situation
so that you might tailor your response to my needs.
I'm a potential buyer. Someone I know has just bought a new place, and
knowing my situation (renting and looking), offered to sell the old
place (owned outright) to me by "agreement for deed" thus cutting out
the bank, closing costs and realtor commission- (Is it really that
simple?)  I plan to put 5% down and pay the rest according to the
agreement. The interest rate offered is on par with banks (5.9) which
seems great to me.  What should I look out for/be aware of when
considering buying a home (less than 100,000 USD) by agreement for
deed?

Thanks in advance for your research!