What is the best way to approach this real estate transaction?

[TJ Joseph]

An acquaintance has a house that is currently listed - the listing agreement terminates at the end of April. He has not been successful selling the house because they overpriced it. He paid substantially more than the price at which he listed it - having purchased it at the peak of the market. He has reduced the price quite a bit since then and is now nearing a level where it is still overpriced but somewhat realistic.

We are in the market for a house and he suggested that we make a private deal after the listing arrangement ends. If he does this, he will not have to pay a commission and it would be possible for him to lower the price to a level that is doable for me and still financially viable for him.

My questions:

Would this arrangement result in exposure for him with the listing agent?

Could it result in any financial exposure for me?

Can I structure the deal in a way that we have a contractual obligation that would prevent him from selling the house - since it means we would not be looking for a house if we are going to buy his house - and still not create financial exposure for either of us with the listing agent?

We have not retained an agent at this time so we don't have any contractual obligation with any agent. We are currently leasing a home until the end of June and would like to close on a house before our lease ends. If we are going to purchase this guy's house then we'd like to find some way that we can both be legally obligated because I would not want to stop looking and then a month down the line find that he has sold the house to someone else because he got a better offer.

I assume entering into a private contract before the listing agreement ends would create exposure for the seller.