what happens to commission when representing self in REO

I'm a broker and I am considering representing myself in an REO.  I know that I can not receive the comission because I am representing myself.  My question is, what happens to that comission?  Does the listing broker get to keep it or does the bank get to keep it?

If the bank gets to keep it, I think it makes sense to represent myself as this will increase the banks net proceeds for my offer and thereby make it more attractive.  Please advise.
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February 22 2012 - US
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Answers (5)

I have given this some thought and decided that the best option is to skip out on my share of the comission, write an addendum to the purchase agreement that I am taking no comission and representing myself.  The bank does their Net proceeds calculations and will see that my offer results in more money going to the bank, which is what they care about.

I also put a note indicating what my offer is equivalent to had I taken a 3% commission on the transaction
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March 01 2012
I would suggest being a broker representing your associated legal entity (ie: LLC, S-corp, trust, etc.) that is purchasing the REO property.  This advice could save you thousands...
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February 29 2012
If your a broker, why not refer the lissting to an agent in your office. The agent will pay you a referral fee you two decide upon. Your agency gets part of the commission which I assume is you or you and your partners.Plus its arm length from the bank standpoint. a lot less stress all around. 
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February 29 2012
Why not reduce the price of the home by the intended sales commission?
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February 29 2012
I've never had a bank pay me the money when a broker represents themselves in an REO purchase, so I'm assuming the bank keeps the money.
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February 22 2012
 
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