Maine Buyers Guide | McFarlane Field

Buyer's Guide WALKING YOU THROUGH THE PROCESS OF HOME BUYING

LET’S START THE JOURNEY

A Peek Inside 1.

WHO WE ARE

2.

MEET OUR TEAM

3.

WORKING WITH US

4.

THE PROCESS

5.

BUYER REPRESENTATION + THE SEARCH

6.

PRE-APPROVALS + COSTS

7.

MAKING OFFERS

8.

UNDER CONTRACT

9.

CLOSING PREP + CLOSING DAY

10.

FAQS

Who We Are CLIENT FOCUSED. RESULTS DRIVEN.

Taylor McFarlane BUYER’S AGENT • ASSOCIATE BROKER Taylor's network, knowledge, and approachability are what set her apart. She is passionate about delivering the highest level of service to her clients, whether they are new to the process or experienced.

She epitomizes integrity and attention to detail in every transaction, and it’s what contributed to her rapid success in the industry.

Taylor was recently honored as one of Maine's emerging leaders with the MaineBiz 40 Under 40 Award, celebrating rising stars of Maine’s business community.

Taylor is the archetype of what a great buyer's agent should be. She has deep knowledge of homes and the local environment along with strong connections with other brokers. We would highly recommend Taylor to anyone looking for a well-informed, fun, and attentive buyers agent in the Portland area.

- DANIELLE & BRIAN | BUYERS IN PORTLAND

c: 207-233-3933 • taylor@portsidereg.com • @livingamainelife

Meet Our Team OUR COMPANY WILL EARN YOUR TRUST AND SELL YOUR HOME WITH PRIDE.

At McFarlane Field, we're deeply committed to providing an outstanding real estate experience. We combine our extensive knowledge of the Coastal Maine and the Greater Portland market with a focus on making your journey enjoyable and seamless. Our team values building strong, trusted relationships through education, transparency, and unwavering integrity. Known for our active listening, strong negotiation skills, and proven track record, we pride ourselves on exceeding expectations and earning the loyalty of our clients through repeat business and referrals. You can trust McFarlane Field to expertly navigate your buying or selling process, transforming your real estate wishes into reality.

KARI HODGENS

JIM MCFARLANE

JEN MONSULICK

RANDY DEE FERRELL

JENNIFER TABB

Transaction Partner

Associate Broker

Operations Manager

Broker

Associate Broker

Working with Us

THE MCFARLANE FIELD AND PORTSIDE ADVANTAGE.

CLIENT CENTRIC

COMMUNITY FOCUSED

CREATIVE + INNOVATIVE

Our ethos is to serve, and care for each and every one of our clients as if they were our family.

We give back and get involved; over $200,000 donated annually to local non-profits!

We differentiate and personalize. You won’t find a more nimble or responsive team.

Investing in Maine’s Tomorrow, 1% at a Time.

AT PORTSIDE, WE ARE MAINERS HELPING MAINERS, IT'S WHAT WE DO EVERY DAY!

1% Back to Maine™ focuses on the next generation, Maine’s youth. Supporting and addressing systemic Maine problems including generational poverty, substance abuse, limited access to medical care, education, and food.

Portside is committed to giving 1% of gross revenue to Maine's future.

To learn more visit: onepercentbacktomaine.com

Record of Success THE MCFARLANE FIELD AND PORTSIDE ADVANTAGE.

1

153

100+

#1 Team for Buyer Representation in Maine in 2025

Number of home buyers we served last year.

Collective years of helping families buy and sell homes

3

1

$35k

#3 Team in the State for sales volume in 2025

#1 most fun team to work with in the state of Maine

Donated to 1% Back to Maine in 2023

“Taylor’s negotiating and superior communication skills are a testimony to her proven track record. Being recently recognized as one of the top award winners in the Mainebiz Next up: Under 40 honorees is confirmation of her extraordinary commitment and service to her clients.”

DIANNE CAPE ELIZABETH, ME

The Process SO YOU WANT TO BUY A HOME; HERE ARE THE STEPS.

1. BROKER RELATIONSHIP

2. PRE APPROVAL

Establish your relationship with a broker so they can start to advise you as well as bring you off-market opportunities. You will get your MLS portal activated and you can download your app to stay on top of the market.

Your broker can guide you to a few lenders that may be a good fit. You'll do this before viewing homes so that you can act quickly when the right house pops up. You should also get your down payment ready and available.

3. START LOOKING

4. MAKE AN OFFER

Once we know your wants and needs, we can view homes and find THE ONE. Putting together a specific vision is a great way to narrow your focus.

We'll write an offer on your behalf, and ensure you're completely comfortable with the process before it's presented.

5. NEGOTIATE A DEAL

6. CLOSE AND MOVE

One or several counter-offers may be made; We will work together to get the deal done.

Once the inspection, financing and closing date are completed, it's time to move in!

Broker Relationship Choosing the right broker sets the tone for your experience. Upon introduction a great broker will guide you through the process so you know what to expect, introduce you to lenders and vendors that are the best of the best and get you set up on the Multiple Listing Service (MLS) so you start seeing properties on a daily basis. Committing to the right person for you is imperative.

IMPORTANT QUESTIONS TO ASK A BROKER How long have you been in the business? How many homes are you selling annually?

Is this your full time job?

What areas do you specialize in?

What is your communication style and what does your process look like?

How do you ensure your buyer’s offer stands out?

What is your negotiation style?

How do you get paid and how do you split your commissions?* What does your off-market home search look like?

What sets you apart in the market place?

Above all, you should enjoy conversations with your broker. Work with someone who you feel is both confident and skilled as well as fun and easy to get along with! *This may be one of the more important questions. The answer can indicate how your offer as a buyer may be perceived by listing agents if your broker offers uneven commission splits as a standard practice.

Community + Home WHAT TYPE OF HOUSE? A new build, a fixer upper, a newly renovated home?

Knowing your preference of a condo, townhouse, or single family home, and your buying power will help us to streamline the search process.

YOUR COMMUTE AND WALK SCORE Will you drive to work? Are there good bike routes? Do you want to be close to coffee, trails or both? Is walking to school or a grocery store a must? Give some thought to how the commute in an area may or may not work for you.

COMMUNITY AND AMENITIES Consider whether an area has recreation centers, good schools, libraries, restaurants and grocery stores.

Are there hip coffee shops, boutique stores, or markets? How about neighborhood events? What is important to you in a community?

MUST HAVES It is helpful to discuss the non-negotiable parts of your search. When setting up a search we tend to keep things broad, however it is helpful for us to know the basics: Price Range Location / Towns Single Family / Condo Beds / Baths / Work from Home Space Garage Size (both lot and house)

Pre-Approvals FIRST THINGS FIRST, HAPPY TO CONNECT YOU WITH A LENDER.

GETTING YOUR PRE-APPROVAL Before jumping into showings, getting a pre approval from a lender is a crucial first step.

This not only helps you understand what you can afford but also positions you as a serious buyer to sellers. Connecting with few lenders to explore various loan options that align with your financial situation is a great idea.

To streamline the process, be ready with essential documents such as pay stubs, tax returns, and details of your assets and savings. This preparation not only speeds up the pre-approval process but also clarifies your budget, setting a solid foundation for your home search.

Below are some local favorites:

GREG DAUPHINEE Androscoggin Bank • (207) 837-0851 GDauphinee@androscogginbank.com

GWEN HULIT Bar Harbor Bank & Trust • (207) 939-5315 ghulit@barharbor.bank

KATE DIBIASE Northstar Mortgage • (207) 450-0440 kate@northstarmortgage.net

DAVID CEKUTIS Camden National Bank • (207) 939 - 8051 dcekutis@camdennational.bank

SAM ROTONDO Maine Community Bank • (401) 447-5234 srotondo@mainecb.com

LINDA MURRAY CMG Homes Loans • (207) 272-0954 (VA) lindam@cmghomeloans.com

Costs BEFORE YOU BUY, KNOW YOUR NUMBERS.

Your first step is to meet with a bank or mortgage broker so that you can understand how much you can be pre-approved for and what you can comfortably afford.

Next it can be helpful to understand how much money you will need available at various points throughout the transaction. Below is an outline of some typical costs:

SOME OF THESE INCLUDE: Earnest Money Deposit (2-10% of purchase price - held in escrow and gets applied to your down payment at closing) Home inspection fees General Building Inspection: $400+ Septic Inspection: $400+/- or Sewer Line Scope: $350+/Radon Air: $200 +/Water Quality Test: $150+/Possible loan deposit ($500-600)

CLOSING COSTS Down payment (3.5% or more) Property transfer tax ($2.20 per $500 of the property value) Title search and closing fees ($400-600) Home Owners Insurance premium (1 year + 3 months) Fuel reimbursement if offered in the contract Property taxes (3 months for escrow + a credit or payment) Lenders + Owners title insurance Recording/Transfer fees $50-150+/-

“Taylor is phenomenal! We searched for a house in Cape Elizabeth for years with no luck. Once we started working with Taylor everything changed! Our first time making an offer with Taylor we were successful! She knows the market inside and out and knows what listings are coming up before they hit the market. We never felt pressured while working with her and she always had great insights when looking at houses.“

ERIN & ROBERT BUYERS

Offer

YOU'VE FOUND “THE ONE,” NOW LET'S BE STRATEGIC AND MAKE IT YOURS.

PREPARE THE OFFER We will provide you with an up to date comparative market analysis (CMA), and will work together to draft a competitive offer. It is important to understand where we can get creative and competitive, hopefully appealing to the sellers in a way that no one else will!

PRICE The price you are offering to pay for the property. This may include an escalation addendum.

EARNEST MONEY DEPOSIT Generally 2-10% of the purchase price, due upon entering into an agreement or within a designated number of business days (0-3 is typical).

CLOSING + POSSESSION Select the day you close on the home and the day you move in if you are offering the seller to stay in possession of the home post closing. Possession after closing is also called a “rent back.”

DUE DILIGENCE A period for property investigation, including town inquiries and inspections (building, septic, water).

Duration varies based on competitiveness (1-10 days). It is a risk-free phase allowing contract termination with earnest money returned to the buyer upon termination. A buyer may elect to do a ‘walk and talk’ inspection if trying to complete it prior to submitting an offer and forgo a due diligence period.

EXPIRATION OF THE OFFER The date and time the offer terminates.

ADDITIONAL CONDITIONS OR ADDENDA Any additional conditions/terms that must be met to ensure the sale moves forward (financing, review of condo docs, appraisal gap coverage, lead paint, rent back, etc.)

FIXTURES + PERSONAL PROPERTY Items that are included or excluded from the sale, (appliances, light fixtures, etc.)

Negotiate A Deal Once we have reviewed the offer and finalized the terms and conditions, it is time to sign and submit it to the seller’s broker. The seller can do one of the following:

SELLER ACCEPTS

SELLER REJECTS

SELLER COUNTERS

YAY! We can proceed with any inspections or move on to remaining conditions of the offer once we have an effective contract.

We'll try to understand where we fell short and see if we can get closer. If not, we head back to the drawing board.

We will review any new proposed terms together and negotiate until we either reach an agreement or walk away.

POST-OFFER ACCEPTANCE Once you have an accepted offer on a property it is time to work through any contingencies in the contract. These conditions are for your benefit, and give you the opportunity to finalize and consider the following: Inspections and due diligence Title search Multi-Family or Condo Addenda Appraisal Final approval of financing

TO-DOS FOLLOWING UNDER CONTRACT Submit contract to lender Arrange earnest money deposit Schedule any inspections through broker

Appraisals YOU’RE UNDER CONTRACT AND THE BANK NEEDS TO JUSTIFY THE PRICE.

An appraisal, conducted by a licensed appraiser, evaluates a home's size, condition, location, function, and quality to establish its market value. The process involves property inspection, comparison with similar homes in the area, and culminates in a report detailing the value assessment.

This ensures buyers don't overpay, and by law, mortgage companies outsource this task to appraisal management companies, who then assign it to professional appraisers.

You may or may not have language in the contract that addresses what happens if the appraised value of the property is less than the contract price, thus creating a “gap.”

WHAT IS AN APPRAISAL GAP A gap occurs when there is a difference between the appraised value of a property and the amount a buyer agrees to pay. For example, if a buyer offers $300,000 for a home, but it appraises for only $285,000, there's a $15,000 appraisal gap. This situation poses a challenge because lenders typically offer loans based on the appraised value, not the sale price. To close the sale, the buyer may need to pay the difference out of pocket, renegotiate the sale price, or the deal may fall through if neither party can bridge the gap.

10 Commandments A FEW CAUTIONARY NOTES WHILE UNDER CONTRACT:

KEEP THIS LIST IN MIND SO YOU CAN ACHIEVE YOUR GOAL OF PURCHASING A NEW HOME...

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy all new furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone outside of this purchase.

“We connected with Taylor from Canada, and from our very first phone call she impressed us with her professionalism, spunk, and can-do attitude. Despite the distance, she kept us confident and well-informed as we navigated the Maine market. She truly took the time to understand our family, our lifestyle, and helped us narrow down neighborhoods across the Portland area. Her insights into each area’s vibe, schools, commutes, and amenities were invaluable. When we encountered challenges she navigated them with calm, expert guidance and relentless problem-solving. We ended up purchasing our dream property with total confidence under Taylor’s expertise and guidance. We were absolutely thrilled with Taylor’s services and couldn’t say enough great things about her and the Portside Real Estate Group team.

If you’re looking for a responsive, knowledgeable, and genuinely caring realtor, Taylor is the one to choose. As my husband jokingly said with absolute truth, “Best Realtor in America”!”

NINA + JOHN Cape Elizabeth

Closing Prep HOMEOWNERS INSURANCE This item is worth shopping around, as it impacts your monthly payments. Pro Tip: the earlier to sign up for insurance the more you’ll save on your premium!

INSURANCE RESOURCES Lotfey Dennett Insurance Nick Lotfey (207) 632-0958 nick@ldibrokers.com

Farmers Insurance Jeff Lee (207) 210-8909 jlee18@farmersagent.com

TRANSFER UTILITIES TO YOUR NAME Ensure that utilities are set to transfer to your name on the day of closing! You will receive a utility check list within 1 week of closing filled with useful contacts.

TITLE COMPANY/CLOSING ATTORNEY In Maine you do not need a personal attorney, the title company fulfills the role of researching title. You're welcome to have an attorney if you would like.

Good companies ensure an on-time closing.

A title search is used to protect your interest in the property and owner’s title insurance is recommended.

The title company facilitates transferring ownership of property to you!

PREFERRED TITLE COMPANIES Two Lights Settlement

Atlantic Coast Title

Closing Day TODAY YOU GO FROM HOME BUYER TO HOMEOWNER

You have jumped through all the hoops and done all of the work to get to this exciting day! Before you get the keys; however, there are still a few things you should do ahead of time and keep in mind on closing day.

FINAL WALKTHROUGH Schedule a final walk through with your broker within 24 hours of closing. This is very important! This walkthrough ensures all of the seller's belongings have been removed, all repairs have been completed and the house is as you expect it to be.

The house doesn't have to be spotless, but it should be delivered to you 'broom clean' and free of all contents unless otherwise agreed upon.

WHO, WHAT, WHERE Who might be at the closing: buyer(s), seller(s), both buyer/seller agents, closer from title company and occasionally the lender may all be present at the closing.

What to bring to closing: a certified bank check, your government issued ID, and a blank personal check as back-up in case there is an underpayment or fuel proration.

Where is the closing? The location will be agreed upon prior to closing - likely the title company or a real estate office.

FAQs YOU'VE GOT Q'S. WE'VE GOT A'S.

HOW LONG WILL BUYING A HOME USUALLY TAKE? It can take weeks to months to buy a home.

Sometimes everything comes together quickly, other times finding the perfect home can take time.

IS RIGHT NOW A GOOD OR BAD TIME TO BUY? Markets and rates go up, markets and rates go down and even the most informed experts can’t accurately predict the future. Focus on picking a home that meets your needs and you will be protected from any shortterm changes in the market.

IS EVERYONE WAIVING INSPECTIONS? We always advocate for a building inspection. It is not uncommon to be up against offers without an inspection, however there are ways to do a preoffer inspection or obtain a copy of a pre-inspection report if available.

HOW DO I KNOW WHAT WE CAN AFFORD? Your lender will check your financial standing to determine how much you can borrow and how much you can afford. There is often a difference between what you can afford and what you would like to spend and a lender will help you run numbers so you can comfortably search for a home and feel confident in your decisions and the numbers.

FAQs YOU'VE GOT Q'S. WE'VE GOT A'S.

WHAT IS THE EARNEST MONEY DEPOSIT? The Earnest Money Deposit (EMD) signals commitment to the seller, typically 2-10% or more of the purchase price, and is outlined in the contract. It's often due within 3 days of the effective date, with earlier submission preferred by sellers. Upon offer acceptance, the EMD is held in a brokerage's escrow account until closing. In Maine, the EMD is usually refundable if the contract is terminated during inspections. At closing, the EMD contributes towards the down payment and closing costs.

WHAT IF I AM NOT LOCAL? Working without of state buyers is one of our specialties. Our deep roots in the communities, paired with advanced technology skills set us apart.

Fortunately, buying a home remotely has become easier with tools like Zoom, FaceTime, and 3D Virtual Tours, making the process accessible from afar. Key strategies include selecting a tech-savvy real estate agent familiar with the area and able to advocate for distant buyers.

Utilizing a due diligence period in the offer provides a safety net to withdraw with minimal financial loss, allowing termination for any reason in Maine, with only inspection costs as a potential expense.

Remote closings are possible, with documents signed in front of a notary and coordinated key delivery.

“We loved working with Taylor. Her knowledge of the area, as well as her relationships with the other agents, were invaluable in our search. She was super responsive / equipped to answer any questions about prospective properties, which was imperative when getting a house in an insanely tight. She magically squeezed in last minute inspections, she she steered us away from homes with red flags we wouldn’t have noticed, and she pulled off a miracle. We may buy another home soon just to hang out with Taylor.”

RACHEL + JAKE SOUTH PORTLAND

Glossary of Terms Be in the know as terms are being discussed throughout the process APPRAISAL

CONTINGENCIES

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.

Conditions in a sales contract that must be satisfied before the home sale can occur. Some common contingencies: due diligence, appraisal, and loan approval.

DEED ASSESSMENT The valuation of a property for tax purposes by an authorized local government entity. Not related to market price.

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

BACK UP OFFER

DOWN PAYMENT

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 be negotiated, however Earnest Money is not paid unless to the contract becomes effective.

The amount of cash you put toward the purchase price of a home.

CLOSING The last step of home buying, also called the settlement. You sign all the necessary documents to finalize the sale and take ownership of the property.

DUE DILIGENCE Due diligence is the period of time when a buyer examines a home’s condition (via town records and inspections) 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 the home.

CLOSING COSTS Also known as settlement costs, these are the fees and expenses beyond the sale price of the home. They might include preparation and title search fees, appraisal fees, title insurance, escrow payments and or tax prorations.

EARNEST MONEY DEPOSIT (EMD)

CLOSING DISCLOSURES

ENCUMBRANCE

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.

A claim or liability attached to a property, such as liens or easements.

COMPS/COMPARABLES These are recently sold properties similar to the home you want, all with similar size, location and amenities. They help an agent and an appraiser determine a property’s fair market value.

Earnest money (or Escrow) is part of your down payment paid before closing to show you are serious about purchasing the home.

ESCALATION CLAUSE A provision in a real estate offer that allows a buyer to increase their bid in increments up to a maximum predetermined amount to outbid other offers. It allows the buyer to automatically step up an offer price without the needing to submit a new offer each time.

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.

Glossary of Terms Be in the know as terms are being discussed throughout the process INSPECTION A visual and mechanical examination of a home to identify defects and assess the home’s condition performed by a licensed individual.

TITLE

MARKET VALUE The most probable price that a property would fetch on the open market under normal conditions.

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

MLS (MULTIPLE LISTING SERVICE) 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 be negotiated, however Earnest Money is not paid unless to the contract becomes effective.

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

PRIVATE MORTGAGE INSURANCE (PMI) Insurance that protects the lender from a loss if the borrower defaults on the loan, typically required on conventional loans with a down payment less than 20%.

PRE-QUALIFICATION A lender will estimate in advance how much you can borrow to buy a home based on information that provided. The prequalification is not a commitment to lend and additional information is needed for approval.

PRE-APPROVAL A lender’s conditional agreement to lend a specific amount of money, after confirming financial information such as income and assets. Conditions may include an appraisal and that there are no big changes to your finances.

PURCHASE + SALE AGREEMENT (PNS) A contract between a buyer and seller stating the terms of the home sale. It will stipulate conditions like sale price, what stays in the home and when the buyer will move in.

The legal way of saying you own a right to something. For real estate, the title refers to ownership of the property, including the rights to use and dispose 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 me!), Administrator, Transaction Coordinator, Assistant INSPECTOR(S): General Building or Special Inspectors (i.e. chimney, sewer line, water quality)

207.233.3933

@livingamainelife

taylor@portsidereg.com

www.McFarlaneField.com