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the housing unit that he will be allowed to submit a contract on (based on his place in the applicant ranking list). 8. After receipt of notification, potential homebuyers may submit a signed contract for a NSP CDBG housing unit. An earnest deposit of $500 must be submitted to the County's Sub-recipient or the County's Developer (as applicable) at time of submission of the contract. Failure to submit a contract within five calendar days of the sub-recipient or developer notifying the applicant of his right to submit a purchase contract may result in the selected property being offered to another qualified applicant. 9. The homebuyer applicant who was first qualified will have the opportunity to contract for the purchase of the first home on his priority list at the selling price of the property. The selling price will be the lesser of the appraised value or the amount of NSP funds invested in the acquisition and rehabilitation of the property. 10. The homebuyer applicant who qualified next will be given the option of contracting for the first property on his priority list, and this process will continue until all homebuyer applicants have had the option of contracting for a property or all of the properties have been placed under contract 11. If a homebuyer applicant's first priority property has been contracted for, he can proceed with contracting for the next available property on his priority list or he can enter into a back-up contract on a property in the event the initial contract does not proceed to closing. 12. At the end of the process described above, any remaining NSP resale properties will be made available to homebuyer applicants as the potential homebuyers are qualified for the NSP. Properties may be marketed by the County in either of the two ways described below: (a) The County may offer a real estate commission equal to three percent (3%) of the sales price of the property to the real estate broker bringing an executed real estate purchase agreement to the County for one of the NSP available resale properties at the County's asking price. Real Estate Commissions shall be due and payable to the real estate broker only upon the buyer being determined eligible to participate in the NSP and purchasing the property (b) The County may list the NSP properties with a real estate broker to market the properties to potential qualified homebuyers. In so doing, the County will offer a commission to the real estate broker listing a property equal to three percent (3%) of the sales price of the property and an additional three percent (3%) of the sales price will be offered through the County's property listing real estate broker to the real estate broker bringing an executed real estate purchase agreement to the County for one of the NSP available resale properties at the County's asking price. Both real estate commissions will be due and payable to the real estate brokers upon the buyer being determined eligible to participate in the NSP and purchasing the property. 12