Want to buy this land but my house on the market isn't selling. Seller is open to

[oceans&wilderness]

contingent sale, but what's fair to both of us? I can't afford to lose my earnest money.

[Real Estate Guy]

The way that our contingencies work (on the sale of a home) and with new construction.

The buyer writes a contract and gives the deposit for the house and lot. The contract is contingent on the sale of their old house. We usually give 4 months. At the end of 4 months, if the contract is still contingent (they haven't sold their old house), the contract with the builder is null and void - and unless both parties agree to extend the original contract for an additional time frame, and the deposit is returned in full.

ALSO: during the 4 months, the lot will remain on the market and if someone else wants to purchase it, we will give the original buyer 48 hours to either remove the contingency and allow us to build (NOT SUBJECT TO THE SALE OF THEIR OLD HOUSE) or release the contract and the 2nd buyer is free to purchase

[estielmo]

That will lock the property. Make the earnest money refundable, if you want. "Earnest money" is not the same as "buying an option."