Home Buyer Guide

Home Buyer Guide

Kaili Moore, Associate Broker & Cindy Dewitt, Buyer Specialist

Presented by:

About Me

My job is to ensure you have all the information you need to make an informed decision and feel confident in executing a well thought out, intentional plan.

Born and raised on Mount Desert Island, my love for Maine started at a young age I currently live in South Portland with my family and could not ask for a better community to be a part of

Prior to real estate, I worked in mental health as a Licensed Clinical Social Worker. I continue to put my degree to good use through my participation as a board member on 1% Back to Maine and other nonprofit volunteer work

In addition to selling real estate, I invest in multifamily real estate with my husband, and we also own a property management company, which manages 100+ long, short, and medium term rentals in Portland My passion for real estate investing led me to create Portland Women Investors; a community of women who have come together to empower, encourage, and learn from each other

I love the power of human connection and the opportunity to help people achieve their goals. Attention to detail, thoroughness, and strong communication have been essential to my career so far. As your REALTOR®, I will connect you to good lenders and trusted vendors

Learn more about real estate investing with Portland Women Investors and join our monthly meetups!

Our Team

CINDY DEWITT

BUYER SPECIALIST

With her entrepreneurial spirit, outgoing personality, and more than a decade of experience in customer service and marketing, Cindy knew a career in real estate was the perfect way for her to showcase her skills Cindy strives to offer clear and consistent communication, guidance, and support throughout the entire real estate process

KELSEY MOORE TRANSACTION

MANAGER

Kelsey is a behind the scenes power house. As my dedicated real estate transaction coordinator, she is committed to ensuring the smooth and efficient processing of every detail involved in buying or selling a property. With a keen eye for organization, attention to detail, and a passion for facilitating seamless transactions, she plays a pivotal role in coordinating the various elements of each transaction from start to finish Kelsey’s main objective is to help streamline the home buying & selling process, alleviate stress, and help clients achieve their real estate goals with confidence and ease

OUR TEAM PHILOSOPHY

EXCELLENT CUSTOMER

SERVICE

Our highest priority is moving beyond the typical sales process to offer a high level of customer service that starts long before a contract is written and extends well beyond closing We are here to be your trusted advisors and resources for all things real estate

About Portside

OUR STATS

In the last 12 months, Portside agents have represented more buyers in Maine than any other company, with the exception of one large franchise

40% of Portside transactions are found through our internal network 40%

Our team ranked in the top 1% for Cumberland County in 2023 1%

Our team ranked #7 for all real estate agents in Portland in 2023

THE PORTSIDE FOUNDATION

The Portside Foundation is dedicated to improving the health and well-being of Maine’s communities by supporting humanitarian, environmental and healthand-youth assistance programs

$700,00+ donated since inception

At Portside Real Estate Group, we happily donate 1% of top-line revenue to Maine-based non-profits

As a Founding Board Member, I have seen first hand the impact these donations have had on our community Know a great non-profit that could benefit? I’d love to learn more about them!

WHY WORK WITH A BUYER BROKER?

Signed Buyer Agreements are a requirement of working with a Buyer Broker, but what does working with a Realtor offer you?

Confidentiality

Promotion of your best interests

Education about the property, including sharing information on material defects

Compliance with state & federal laws, along with rules promoted by our licensing board

Negotiation and guidance to ensure a buyer is getting the best opportunity available while understanding all their options

Connections to local resources, including inspectors, contractors, and other trusted professionals

HOW DOES A BUYER BROKER GET PAID?

A Realtor is paid out of the transaction, meaning the seller and buyer each enter into a written agreement with their representatives for a commission. The buyer contributes their portion through closing costs and down payment, the seller contributes their portion from the proceeds of the sale At closing, the real estate commission is a line item on the settlement statement.

WHAT DOES A BUYER BROKER OFFER?

Brokerage Connections Offering Exposure to Upcoming Listings

Relationships with Industry Professionals

Experienced Agents with High Level of Professionalism

Strong Internal Network

Objective Advice + Assistance Navigating the Home Buying Process

Expertise and Local Knowledge

Access to Active Listings

Strong Negotiation Skills

Market Analysis

Kaili has everything you’d want from a real estate broker: the ability to help you articulate wants and needs, connections with financiers, inspectors and contractors, responsiveness, professionalism, sharp savvy and a bit of grit. Most exceptional about Kaili is her care for her clients. If you want a broker who is truly in your corner, hire Kaili

AUDRA F. TOPSHAM

Kaili is the best real estate professional I have ever worked with! She is prompt with returning my texts and has knowledgeable answers. She has helped me purchase 3 homes now and each one has been a pleasure! Buying a house doesn't need to be a stressful experience if you have someone like Kaili on your team I recommend her to all of my friends and they love her as well With my last purchase, there were multiple offers that were similar. The selling real estate agent encouraged the owner to choose my offer based on the fact that Kaili was my agent I credit Kaili for my offer being accepted! The real estate world knows and respects her work and I am so happy to be her client. It is worth noting that Kaili is active in the investment real estate world in her personal life That knowledge flows into her work life as well, which benefits me as her client. There have been many times that she has helped me make important decisions based on her valuable experience. She has also been able to connect me to mentors, banks and contractors that have made my life easy as I venture into investment real estate.

RACHAEL C. SOUTH PORTLAND & OLD ORCHARD BEACH

Cindy, by far, did an outstanding job throughout the entire process The guidance, and advice I received was priceless when deciding the right home for me In addition to that, she was extremely understanding of my situation with my active duty military status and made sure that everything worked out within the bounds of my schedule I cannot express my level of gratitude enough for all her hard work, level of professionalism, quick and informative responses, and understanding of my personal circumstances. If you want someone that will make your home buying experience enjoyable, and will prioritize your needs and advise you towards the best decision, you will not be disappointed!

RICARDO A.

Cindy was absolutely great to work with! From the start of the process to closing day, she was the perfect fit. She was kept us well informed throughout the entire process and was instrumental in a successful 1031 Exchange. We cannot recommend her highly enough!

NATHAN R.

Evidence of Success

19-21 Deering Street, Portland

$1,700,000

Buyer, Multiple Offers

486 Cumberland Ave, Portland

$960,000

Buyer & Seller, Off Market

14 Hannaford Cove, Cape Elizabeth

$1,100,000

Buyer Representation, Multiple Offers

30 Taylor Street, Biddeford

$480,000 Buyer

4 Finnegans Way, Falmouth

$1,075,000

Buyer & Seller Representation

108 Vaughan Street, Portland

$2,250,000

Buyer Representation, Off Market

This is a brief summary of the timeline for purchasing your home. Remember, as your REALTOR®, I will be there to ensure you feel confident during each step of this process

FindtherightReal EstateAgentforyou

Meetwithalenderand getapre-approvalletter

Beginyouronline homesearch

UNDER CONTRACT

Depositearnestmoneyand completeloanapplication withintimeframeofthe contract 6

Afterfindingtherighthome,wewill putinastrongofferandnegotiate thetermsofthecontract 5 SHOWINGS

Wewillsetupshowingsand viewthehomesyouare interestedin

Scheduleinspectionsand negotiateanyrepairrequests andissuesfrominspection

Orderappraisaland obtainhomeowners insurance

Receivecleartoclosefrom lenderandpreformfinal walk-throughbeforeclosing

Hooray!Timetogetyour keysandcelebratebuying yourhome

There are many different factors that the lender will use to calculate your preapproval. It's always best to be prepared, so here are a few of the documents you can begin to gather together and can expect to be requested:

Up Front Costs

EARNEST MONEY DEPOSIT

This is essentially a good faith deposit due within 3 days of going under contract It is typically 1-3% of the purchase price and, if all goes well, is credited to you at closing

INSPECTIONS

Inspections typically cost between $300-$1200 depending on the size of your home and additional inspections, such as radon, water test, or septic inspections.

CLOSING COSTS

A lender may ask you to pay for an appraisal up front; this is typically around $1,200 Your lender should be able to estimate your costs to close the loan, which include your down payment plus things like transfer tax, pro-rations, Buyer Agent Commission, and pre-paid interest and insurance

Home Search

As your REALTORS®, our number one goal is to give you the information you need to make an informed, educated, and confident decision when it comes to buying your home.

STEP ONE

After you speak with a lender and get pre-approved, we will begin your online home search We will discuss your ideal price range and, most importantly, your wants and needs for your new home. From there, we use that information to set you up on an automated search on the Multiple Listing Service (MLS) When thinking about your next home, it’s important to think about how you live in your home, rather than focusing on certain parameters or aesthetics

STEP TWO

sted in, we will schedule u will receive property ments. We will review no red flags or issues to During the showing, we ul features of the home, e boring but important ndows, basement, roof, up costing money down , we will try to point out during an inspection, so

STEP THREE

If you like the home and would like to write an offer, we will work together to write the offer that's best for you. This includes discussing the different terms of the contract to be most competitive within your risk tolerance level When we get an accepted offer, you will now be Under Contract

PRE-APPROVAL LETTER OFFER PRICE

FINANCING AMOUNT

EARNEST MONEY DEPOSIT

CLOSING DATE

INSPECTION PERIOD

CLOSING COSTS

MAKE A SMART OFFER

The most important rule for writing offers is to do exactly what feels comfortable for you and nothing more No home is ever worth putting you out of your comfort zone and each home may feel differently depending on how much you like it and its specific features Different factors we will discuss when crafting our highest and best offer are:

Price: we will look at comparable sales, your budget, and other factors to determine the right price to offer

Earnest money: this good faith deposit is a great way to demonstrate liquidity and give a competitive edge without costing additional money!

Financing contingency

Due diligence period

Seller preferred closing date

Use of an Escalation Addendum

MULTIPLE OFFERS

In a multiple offer situation, we will work together to write the most competitive offer you feel comfortable with, which may include using an escalation addendum . Part of our job is to help determine how to balance remaining competitive with your risk tolerance

Remember: our job as your Realtors is to give you different options to make the most competitive offer that you are comfortable with No house is ever worth being reckless and we will balance being competitive with the level of risk involved!

Due Diligence Per

TYPES OF POTENTIAL INSPECTIONS

Home Inspection

Radon Testing

Town hall document review

Water/Well Test

Foundation Inspection

HVAC Inspection

Lead Based Paint Inspection

Sewer or Septic Inspection

RENEGOTIATING

You will get a written report to review and, at times, use this to renegotiate with the sellers Renegotiation may look like asking the seller to complete work prior to closing, a seller credit, or putting money into escrow to a contractor directly

DUE DILIGENCE TIME PERIOD

The typical due diligence period is between 3-10 days

A good inspector will go through the house to identify areas of concern as it relates to health and safety. Based on the results, we can obtain additional information and necessary quotes. We have an extensive database of contractors and other professionals to efficiently give us the information needed From there, you will choose to move forward with the home, renegotiate with the seller, or terminate the contract

1 2 3 4

LOAN APPLICATION & APPRAISAL

You will typically have 3-5 days after the contract has been executed to make application for your loan with your lender This is a letter the lender provides, which we provide to the seller From there, the lender will order an appraisal An appraisal is a tool the bank uses to ensure they are not over-lending. Issues with appraisals are not common, but when they happen there are a variety of options available to address it

HOME INSURANCE

You will need to obtain a Homeowner's Insurance Policy that will begin on the day of closing on your home A good Insurance Agent will spend the time to help you determine the appropriate amount of coverage on your home Frequently bundling your other insurances (ie car insurance) will get you a better rate! See our Preferred Vendor page for recommendations.

IMPORTANT REMINDER

As excited as you may be to begin shopping around for furniture and all of the things that help make a house a home, don't! Be very careful during this period not to make any major purchases, open new lines of credit, or change jobs. If in doubt, please call us or your Lender.

CLEAR TO CLOSE

These words are music to our ears, and yours too! This means that the mortgage underwriter has approved your loan documents and we can confirm your closing date with the title company Leading up to closing, we will provide you with utility information and we will schedule a Final Walkthrough prior to closing.

DON'T FORGET!

In Real Estate, there is always a solution and it's our job to remind you of the important items along the way. We have found the most challenging aspect of real estate is that we don't know what the final outcome will be. It's important to focus on using the information we have at that moment to make an informed decision on the next best steps.

Sometimes, the solution is renegotiation, sometimes it's agreeing to take on the issue after closing, and sometimes it might be terminating the contract because it wasn't the right fit.

We will be here every step of the way, finding solutions, advocating, and ensuring you are buying the right property for you.

CYNTHIA VERONEAU, NEW AMERICAN FUNDING, INC

(207) 712-3598 Cell (207) 712-3598 Office

CynthiaVeroneau@nafinccom

MAISON + CO, STYLE SPECIALISTS

Spencer Orcutt & Kathryn Brice

Offering post-move in home styling services infomaisoncodecor@gmailcom

NICK LOTFEY, LOTFEY DENNETT INSURANCE

(207) 632-0958 Cell (207) 370-6773 Office

nick@ldibrokerscom

500 Washington Ave, Suit 201, Portland, Maine

SQUARE ONE HOME INSPECTIONS

(207) 841-7699 Matt LaForge (207) 837-1600 Matt Tycz

laforge@squareonemainecom tycz@squareonemainecom

Glossary of Terms

APPRAISAL

An informed estimate of a home’s value, done by an independent, professional licensed appraiser and typically required and ordered by the lender in conjunction with the mortgage application.

BACKUP OFFER

If a buyer wants a home already under contract, they may request to be “next in line” by submitting a backup offer. Backup offers must still be negotiated with any fees – like earnest money – paid

CLOSING

The last step of homebuying, also called the settlement You sign all the necessary documents to finalize the sale and take responsibility for the mortgage loan

CLOSING COSTS

Also known as settlement costs, these are the costs incurred when getting a mortgage or buying a home They might include attorney fees, preparation and title search fees, discount points, appraisal fees, title insurance and credit report charges

CLOSING DISCLOSURES

A closing document that provides key information about your loan, such as the interest rate, monthly payments and closing costs The lender must give you this document at least three business days before you close on the loan and the information should substantially match the Loan Estimate you received when you applied.

COMP/COMPARABLES

These are recently sold properties similar to the home you want, with approximately the same size, location and amenities They help an appraiser determine a property’s fair market value

CONTINGENCIES

Conditions in a sales contract that must be satisfied before the home sale can occur Some common contingencies: The appraised value must support the sales price, the house must pass inspection, and the borrower must be approved for a loan.

DEED

A document that legally transfers ownership of real estate. As the buyer, your deed is signed and delivered to you at closing.

DUE DILIGENCE

Due diligence is the period of time when a buyer examines a home’s condition and contract terms before becoming legally obligated to purchase Due diligence is your time to discover and consider any financial risk associated with investing in a home.

EARNEST MONEY DEPOSIT (EMD)

Earnest money is part of your down payment paid before closing to show you are serious about purchasing a home It is also known as a good faith deposit

ESCALATION CLAUSE

An escalation clause, or “escalator,” is a section in a real estate contract that states that a prospective buyer is willing to raise their offer on a home should the seller receive a higher competing offer The clause will state how much more the buyer is willing to pay than the highest offer and their spending limit Essentially, escalation clauses offer buyers protection if other potential buyers outbid them

HOMEOWNERS INSURANCE

Homeowners insurance protects your home from damages covered in your policy Homeowners insurance is required by mortgage lenders before closing on your home.

A visual and mechanical examination of a home to identify defects and assess the home’s condition performed by a licensed individual INSPECTION

PITI is an acronym used to show the four elements of your monthly mortgage payment: principal, interest, tax and insurance PITI

PRIVATE MORTGAGE INSURANCE

Private mortgage insurance is a policy that protects your lender in case you default on your loan Usually, if your down payment is less than 20% on a conventional loan, you will also need to pay for PMI

PREQUALIFICATION

A lender will estimate in advance how much you can borrow to buy a home based on information that you provide The prequalification is not a commitment to lend and you will need to submit additional information for review and approval

PRE APPROVAL

A lender’s conditional agreement to lend you a specific amount of money, made after confirming your financial information such as income and assets Conditions may include a home appraisal and that there are no significant changes to your finances

PURCHASE + SALE AGREEMENT

A purchase + sale agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale price, what appliances will stay in the home and when the buyer will move in.

TITLE INSURANCE

Insurance that protects against issues, such as tax lien or other legal claim, that would affect ownership of the property

UNDERWRITING

The lender reviews submitted documents to verify the borrower’s finances and other factors related to the home, such as the title search and appraisal, then decides to approve or deny the loan

THE TRANSACTION TEAM

Here is a general list of professional titles that may lend a hand in your transaction!

Mortgage: Lenders, Loan Officer, Processors, Underwriter, Appraiser

Title:

Attorney, Paralegal, Processors, Closer, Closing Agent

Real Estate Agents:

Listing Agent or Broker, Buyer's Agent (that's us!), Transaction Coordinator

Inspector(s):

General Building or Special Inspectors (i e chimney, sewer line, water quality)

Thank you for choosing to trust us to help you find your next home We are so excited to work with you and help you achieve all your real estate goals!

Kaili,Cindy&Kelsey