Once the seller accepts the highest offer you'll be notified immediately. You then have five business days to pay 0.5% of the value of the house to enter into contract with the seller and initiate the closing process. During those five days you can change your mind and withdraw your offer, in which case you'll forfeit the $500 deposit. Even after you pay the 0.5% you still can withdraw, but on this case you'll forfeit 0.5%, which is roughly the equivalent of one month's rent for the house.
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