But when it closes you get paid. Fat chance any other way.
Real estate law tells us that commission is earned upon mutual acceptance... but unfortunately we all know better. Reality, however, is that we all have to get to closing before receiving a commission.
It sounds like you may have written a full price offer with a well-qualified buyer and you feel like you've earned your commission. Unfortunately with REOs, bank owned, short sale and almost every other type of transaction you will need to work your way to closing first.
The only exception I've seen is a few new construction sellers in the Seattle area that are offering to pay the commission as soon as the buyer's earnest money becomes non-refundable. Typically this might happen 30 days after mutual acceptance.
Hope this helps!
Make that claim to the asset manager with an REO property as a buyers agent and you may be forever doomed in the REO market. Not only that but, the agents involved at the other end of your deal will surely remember you. If you are active in your market area, you may just want to suck it up and move on. The REO market can be very competitive and you would not want to miss the opportunities available to you. If you are not active, have nothing to lose and...your broker feels the same. Go for it. Just keep us posted on what happens.