Wow. You are getting all sorts of input. Some on target, and some of it irrelevant. And some of it plain misleading.
Actually, no one can answer your question without seeing the Listing agent's agreement with the Seller. It is possible that in your circumstance the agreement could stipulate that a portion, or all, of the amount to be offered to a Buyer's agent could be deducted from the commission promised to the Listing agent.
Or, the agreement may not even address a circumstance like yours.
No one knows how the agreement was negotiiated from the information you present, but as noted, commissions are negotiable.
Consider a few points:
1. Even if you use an attorney, how will you access the property for inspections, appraisals, contractor estimates for repairs? Would you depend on the Listing agent for that?
2.. Should the Listing agent do that for free, or would you expect the agent to receive compensation from funds designated for a Buyer's agent for doing those tasks?
3. Would the net proceeds amount to a Seller be increased if the compensation was reduced, or would you expect to benefit from that, as a buyer?
4. If your attorney draws up a non-standard form, and the Seller must have attorney review of the Offer, would you expect that cost to come from the Seller's net? Or would some of the commission dollar designated to be offered tor a Buyer's agent reasonably be earmarked for that expense?
The brokerage fee is, almost universally, paid to the listing company, who allocates it according to contract. So, if the listing company is successful in bringing the buyer themselves, they will keep the entire fee. In some states, they will not be dual agents, but they will represent the Seller.
To put it another way - the brokerage fee belongs to the brokerage.
Best of luck!
Do not make the biggest investment of you life without representation by an Agent, I would also only use a Real Estate Attorney, especially with all of the recent changes in the way NC buys and sells Real Estate. Normally the Sellers Agents Firm receives the commission and then pays the Buyers Agents firm, so no Agent they would keep it all.
You can certainly use an attorney to review your paperwork, but a buyer's agent can help you make an offer and explain the standard contract (which was created with the help of attorneys) to you. In NC attorney's typically don't become involved in after the property has gone under contract, as they perform title searches, record the deeds, etc.
A buyer's agent can help you make sure you're offering a fair price, coordinate inspections, work with the lender, and negotiate other aspects of the deal. If you're interested in working with a buyer's agent feel free to contact me for assistance.
Best of luck to you!
Marie provided a great explanation. You are not going to save anything by not using a Buyers Agent and without a Buyer Agent you do not have anyone representing your best interest. Interview a few Agents and hire one that has great negotiation skills and really understands the new contract (if you are in NC) to negotiate the Due Diligence fee and time period.
No, the commission which would go to your Buyers Agent if you had one will NOT go back to the Seller generally. The Seller has in essence told their Lisitng Realtor: "I am paying you X% if you can get my home sold. I don't care HOW that happens or who buys it." In very rare occasions, a variable rate commission negotiated by the Seller and their Listing Agent at inception of their agreement. But you as a buyer CANNOT come buy the house, be unrepresented, and either have the Seller get the money back, get the commission rate reduced, or take that amount off the price of the home.
This is why you may as well use a Buyer's Agent - it doesn't mean a higher price to you, and you're getting representation in negotiating to TODAY'S market value of the home in question AND the hundreds of things that have to be done between today and closing. Now, it's certainly possible that you have a lawyer that is highly-experienced in RESIDENTIAL real estate and has already familiarized themselves with the ins and outs of our new contract. And its possible that lawyer will charge you less for their time and expertise than your Realtor would earn in compensation. But will that lawyer also be able to get you great deals on inspections and other costs involved with closing - or just their fee?
Good luck on your home purchase!