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