Not paying a realtor?

[Justin Silverio]

I got a call yesterday from a homeowner who wants to sell their home. He owns the property free and clear and is willing to sell it to me for $60k. Unfortunately, the property is currently listed with a RE agent (listed for $150k) and the contract doesn't expire until the end of March. Since the homeowner would prefer not to pay the commission because he actually found me, not the realtor, what are my options? I would think I have 2:
1) Wait until the contract expires, or
2) Increase the purchase price by the RE agent commission.

Do I have any other options that are both ethical/legal to get around either or us paying the commission?