(a) The bureau shall have the right to accept option money to bind the private sale of any such property at the price offered therefor, which shall be credited to the purchase price when the sale is effected, or be retained for the use of the taxing districts, if the purchase price is not paid over. But if the purchase price is not approved or confirmed, as hereinbefore provided, and the sale is not consummated for that reason, the option money shall be returned to the prospective purchaser.

(b) Before a petition is presented to court for a subsequent sale, as herein provided, the bureau shall have the right to accept option money from any person who agrees to bid a certain agreed price for the property at the sale, and such money shall be credited to the purchase price, if such person purchases the property at the sale at a price not less than the agreed price. If said person does not bid the amount agreed upon, or more, or if the purchase price is not paid over, then the option money shall be retained for the use of the taxing districts. But if the property is sold to any other bidder for a price in excess of the agreed offer, the option money shall be returned to the person having deposited the same.

(c) Such option money shall be deposited in the county treasury.