No sooner have we updated you about the latest additions to Facebook than we find that Buy.com has opened up a Garage Sale on the social networking site. The application allows users to buy and sell items on their profile page. The site will process the sales and reimburse sellers via PayPal or check minus a flat 5% commission for items sold, as opposed to eBay’s listing and final transaction fee.

Chief Executive Neel Grover feels that Garage Sale encourages users to spend more time looking at and connecting to other profiles, which makes any deal between them more personal. While there is no real haggling ability as yet on the FB beta site, people can email bids to each other. Anyone want to buy some swampland in Florida?