John,
When the home is listed with an Realtor, it is usually listed for 5-7% of the sales price. That commission is usually then Split between the Listing and Buyer's Agent and their companies. If the Listing Agent brings the buyer, he then keeps the entire commission. You are hoping to avoid the 2.5% that the Buyer's agent would then recieve from the Listing Company for bringing the buyer to their listing. However, the seller is already in contract with the Listing Company for the 5-7% and paying that amount.
Your best way to save the 2.5% - 3.5% would be to hire an Experienced Agent (who you do not have to pay- the Listing Company will compensate the commission) that will usually be able to negoitate the asking price down to the correct price. If the asking price is in the right price range then you have to make the decision if you really want the property.
If you need an Realtor that would be able to assist you in your neighborhood, you can contact me or visit my website for additional information.
Hope this helps!
Christopher Orth
"Third Generation Realtor"
267-980-2260 - Fri Aug 1 2008, 10:48