How do I change a Sold lot to Spec?

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How do I change a Sold lot to Spec?

Lots are set to Sold when there is a home buyer on the lot, and a sale has been approved. This sale can either be a lot draw, or an individual lot purchase.

Meanwhile, a Spec lot is a lot that is sold to the builder but has no 3rd party buyer on it. All that needs to be done to to set the lot to Spec, is to delete the home buyer.

 

First, Delete the Home Buyer

Deleting Home Buyer information is an action that only Developers can take. This protects the integrity of the system's data, reduces the chance of 'temporary' buyers being added to a lot, and ensures that delete-actions are exclusively under the authority of Developers.

To delete a Home Buyer, click on the buyer's name from the "Lot Details" page, and then click DELETE. If on the map, simply click "View Lot Details" to get there.

If on a data page for the lot such as Home, Lot Draw, Initial Inspection, etc., the "Lot Details" page can also be reached by clicking on any Lot Link found at the top of the page (ex. "Lot 19, Block 7, Phase 2 (NR), CommunityName").

Both home buyers will be removed from the lot, and the lot will be reset back to SPEC.

 

Wait. There's no Home Buyer on the Lot.

Aha! Did you want to set this lot to Builder Inventory?

Unfortunately, you'll need to reset and process it the sale as a 1-lot Bulk Draw for this. There are two possible "sale tracks" in LotWorks:

1. Available -> Lot Draw -> Builder Inventory -> Spec/Sold.

2. Available -> Hold -> Sale -> Spec/Sold.

If the lot was processed as an individual sale (track #2), it can't be set back to builder inventory (track #1). Lot Draws / Builder Inventory can only be set by the developer, and can't be requested by the builder.

As much as possible, the sales Developers process should be done as Lot Draws, and sales the Builders request done as "Purchase Request Submitted".

 

To switch an individual sale to a bulk draw:

1. Click on the Sale link, and download the Agreement.PDF to your computer.

2. Save all other relevant information (buyer details).

3. Click "Reject Sale". (You can choose not to notify the builder here).

4. Click "Add to Bulk Draw" from the map, and add in the information from your Agreement.PDF.

Once processed, the lot will be Builder Inventory.

 

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