If financial concerns are truly the issue, then move forward with the lot purchase and get a bridge loan.

Yeah, they flat out don't like it if you don't use Citizens, happened to me, too. Hopefully, now that they are getting out of Citizens, that will change.

I would recommend a "bank" appraisal not something the sales agent is giving you. You will have to pay a few hundred dollars for a bank appraiser to evaluate your house, but it will give you piece of mind!

Curious, did you go through what 2 other posters went through where they had to pay a penalty for closing a day late due to developer issues?

How does a bank appraisal over MLS or VLS, give you piece of mind? The seller has the final say on sale amount.

Either way the bank appraisal isn’t going to sell the house faster or at all.

Bank appraisal will give the value of the house in the current market and will also give one the ability to reject a buyers offer if it is not up to market value.

In my experience, agents here will tell you they will get what you want for your house, and they will usually tell you that you’ve chosen a good price. After all, they want to be your agent and make money from selling your house. I put my house in Tierra del Sol South on the Market at $600,000. (On the golf course, pool, lots of upgrades.). I was counting on my equity to pay off a 1200 sq ft courtyard villa to which I was downsizing at $310,000. My agent said it would sell fast at that price. Just then interest rates went up, and I ended up selling it for $525,000 after six months on the market. I had to take money out of my retirement savings to pay off the new house and pay for a new HVAC system and new flooring.

My nextdoor neighbors’ courtyard villa is 1600 sq ft (3 bedrooms, 2 baths, slightly bigger living room than mine, and a lot more hallways). They offered it at $465,000, which I thought was outrageous given that mine was still estimated to sell for $310. Six months later, the price has been lowered to $375,000, and it still hasn’t sold.

So, if the price you want is at all wishful thinking and not based on comps in your neighborhood, you might not get what you need and you may pay mortgages on two homes for months. Housing prices are forecasted to drop 1% in the next year, not go up. It’s a buyers’ market. Don’t count on your improvements actually adding to the sale price. What they do is make it more likely that your house will sell instead of someone else’s.

As for funding it, go to Citizen’s First and get a Bridge Loan for whatever you need to buy the lot and build. They are easy to get, and their purpose is to give you the funds to buy the lot and build the home you want. You can arrange the money in advance and not repay anything until after your first draw on the funds. That’s what made it possible to buy my downsized house, as I couldn’t pay for it until my previous house sold. I was paying for my original mortgage and for a $310,000 Bridge Loan until my first home sold—about four months. It wasn’t easy! I’m so glad that I now have no mortgage, though. Do you REALLY need a larger house?

Tell me you've never bid on a lot without telling me you never bid on a lot.....

The lots in Eastport have just as long or longer than the bidding of lots during COVID. There was a lot a little more than a week ago that had 60+ bids.

SMART
So many houses are being built eventually you will get one that works

The flip side. We bid on 1 golf course view lot only, first time ever, and got it.

If you’re just going to reject offers until you get the money you need, why spend the money on bank appraisal?

However in todays market there are hundreds of preowned or new homes for sale, exactly the same. Today is the largest preowned inventory we have experienced in TV.
Owners that need to sell are considering $50,000-$100,000 less than asking. Yes that’s true, because we have made those offers with little pushback.

One of our village had 9 homes for sale all same model, all within $500,000 range. The 3 homes that finally sold took $75-$95,000 less than the asking price. The rest of the homes are still on the market after 11 months.

There is a big difference on want to sell, need to sell, and desperate to sell. That bank appraiser isn’t going to give you piece of mind unless he’s buying the house that he appraised the dollar amount for.
It’s a huge gamble for some to continue to reject offers because the bank appraiser said your house was this much money. Unless of course they have a half $1 million in the bank and then it’s not a big deal.

Sell your home first or have it under contract, with a "contingency" that your house must sell fo you to purchase the subsequent property. Since a contingency is "not" possible on a lottery lot, then you must sell the house first "unless" you can easily carry the expense of two properties Btw, it's a buyer's market.

Not too many lots are big with a view. Look at the big premier homes already built. You can still see and hear the neighbors.

My friend is wanting to build in Eastport. They have lost 3 lots now due to losing the lottery on the lot they chose. These are the lots on the $200K to $300K price range on a championship or a lake. It takes time to get your lot due to so many others wanting them.

Bridge Loan or IRA
 

Your concerns can be solved with a bridge loan. It will cost you some interest and points paid upfront but it will resolve your concerns.

If you have an IRA or SEP retirement account, you can make the loan to yourself. The are limits on the time within which it must be repaid. If not repaid within the time allowed, it will be treated as income for tax purposes.