The agent is going to make his commission, one way or another. If he represents you, the commission is deducted from the sales price. If he represents the buyer, then his commission is tacked on to the amount the buyer pays.
Your first question to the agent should be "do you have a buyer's agent agreement with the buyer?" If the answer is "yes", then he wants to represent both buyer and seller, which is a no-no. If there is no such agreement, you can sign a seller's agreement, in which case the commission will be part of the agreement. Or you can try to figure out who the potential buyer is and go around the agent.
If you think the deal is something you want to follow up on, I suggest you sign the listing agreement, but try to negotiate the commission down. In this scenario, 4 percent commission would be fair, IMO.
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Today's Featured Article - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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