I found a For Sale by Owner (FSBO) home that I love through a family friend. The seller has sold two of their homes before with no broker help from them or the buyer. They don't want pay any amount to a broker. I contacted the homeowner well before I signed a "buyers agreement". I was in back in forth contact and even saw the home before I hired a realtor. (Long story but the seller was not sure if they wanted to sell or wait till after the new year to sell)
My buyers agreement is not very long so this is the only paragraph that pertains to buying fees...
"BROKER'S FEE. The Buyer shall pay the Broker compensation in the amount of ("Broker's Fee") described above, whether through the services of the Broker, or otherwise. Any compensation paid to the Broker by the Seller or a listing company shall be credited against the compensation due under this Agreement. The Broker may retain any additional compensation offered by the seller's representative, even if this causes the compensation paid to the Broker to exceed the fees specified above. In no case shall the compensation be less than the fees specified above."
Also states I can cancel at anytime but do not want the broker to come back and want that 3% at a later date. (The realtor has no idea I have been looking at this FSBO and did not find it for me)
Paying the 3% fee to my realtor is out of the question since this home will stretch my budget anyway. What are my options here? Any advice? Thanks.