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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands | Sep. 30, 2022 USD ($) lot | Dec. 31, 2021 USD ($)
--- | --- | ---
Projected Number of Lots |  |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned | lot |  | 0 |
Option contracts — non-refundable deposits, committed | lot | [1] | 9,989 |
Purchase contracts — non-refundable deposits, committed | lot | [1] | 8,427 |
Purchase and option contracts —refundable deposits, committed | lot |  | 2,102 |
Total committed | lot |  | 20,518 |
Purchase and option contracts — refundable deposits, uncommitted | lot | [2] | 22,524 |
Total lots under contract or option | lot |  | 43,042 |
Total purchase and option contracts not recorded on balance sheet | lot | [3] | 43,042 |
Purchase Price |  |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned |  | $ 0 | $ 8,011
Option contracts — non-refundable deposits, committed | [1] | 558,694 |
Purchase contracts — non-refundable deposits, committed | [1] | 243,038 |
Purchase and option contracts —refundable deposits, committed |  | 52,787 |
Total committed |  | 854,519 |
Purchase and option contracts — refundable deposits, uncommitted | [2] | 743,757 |
Total lots under contract or option |  | 1,598,276 |
Total purchase and option contracts not recorded on balance sheet | [3] | 1,598,276 |
Option/ Earnest Money Deposits–Cash |  |  |
Purchase and option contracts recorded on balance sheet as Real estate not owned |  | 0 |
Option contracts — non-refundable deposits, committed | [1] | 58,154 |
Purchase contracts — non-refundable deposits, committed | [1] | 19,508 |
Purchase and option contracts —refundable deposits, committed |  | 1,105 |
Total committed |  | 78,767 |
Purchase and option contracts — refundable deposits, uncommitted | [2] | 9,661 |
Total lots under contract or option |  | 88,428 |
Total purchase and option contracts not recorded on balance sheet | [3],[4] | $ 88,428 |
[1] | Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.
[2] | Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.
[3] | Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.
[4] | Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of September 30, 2022.

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