June 15, 2000

Welcome to 0nly4Homebuyers Issue XXI
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In this Issue:
The 100 Word Statement
I am drinking Water---not Juice!
Making an Offer
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Credit Repair-The 100 Word Statement
by Cindy Snyder

Do you have negative entries on your credit file? Did you know that you
can write a statement concerning the issues surrounding this entry and
the credit bureau will include it on your file? Keep the statement to a
maximum of 100 words, hence the title, "100-Word Statement. Stick with
the facts and be sincere.

This statement allows you to tell your side of the story. Many times,
your side of the story will convince a creditor that a negative entry on
your report was an unfortunate incident that couldn't be prevented at
the time. This problem does not mean that you are not trustworthy, only
that you encountered a problem and was unable to do anything about it at
that point in time.

Let's say your company went bankrupt or you were injured in an accident
and was unable to work for a period of time. This resulted in late
payments or accounts being turned over for collection. By telling your
side of the story, you can counter any negative reports with a positive
entry. Of course, this is assuming you now have a steady income and can
meet your obligations.

What if you had a dispute over defective or undelivered merchandise, or
a medical bill that your insurance was supposed to pay and you are still
working on getting the bill paid? Explain your reasons for not paying
in your 100 word consumer statement. Write the statement as if you were
talking to the creditor. State the facts and don't get too wordy or
show anger. You will be given the benefit of the doubt if you explain
your side intelligenty and clearly.

This is just one of the things you can do to clean up your credit
file. The first step in clearing up your credit is to obtain copies of
the reports themselves. Listed below are the names and phone numbers of
all three of the major credit reporting bureaus. I encourage you to
call and order your credit reports from each because each can have
different entries. If you have a spouse, get his/hers too.

If you don't have the time or inclination to clean up your own credit,
you may decide to get some professional help. Many times, a
professional agency can get things removed or at least upgraded that the
average consumer is not able to. I have not personally used this agency
but you can click on the link to see what they offer.
http://www.johnsonlane.com/creditcenter.asp?Tag=008055&Agent=127. AOL
Users <a
href="http://www.johnsonlane.com/creditcenter.asp?Tag=008055&Agent=127</a>
I know they also offered secured and unsecured credit cards if you need
them to build your credit file, as well as, information that can be
downloaded
on credit repair.

Here are the three major credit reporting bureaus phone numbers.

Experian (TRW) 800-682-7654

Equifax 800-685-1111

TransUnion 800-916-8800

Good luck!

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I AM Drinking Water - Not Juice
by Doris Dobkins
http://www.creativefinances.com/

You're drinking water instead of juice. You're cleaning your own house
and mowing your own yard. Eating out is a twice-annual luxury and your
car looks older than you!

So what's the problem? You're saving costs every way you can but your
bank account doesn't show it!

If you're like me, you tend to save a lot but then spend the savings on
other things instead of taking it to the "bank".

Here's a plan to help those of us who want to invest but don't quite
know how to start.

First of all, create a budget. At the very minimum, write down on a
piece of paper how much money you spend on what each month. This will
give you some guidelines to work with. You don't want to save at the
expense
of creating debt but you don't want to under save at the expense of
wasting
money.

Step two. Every time you save some money, whether it is through
coupons, eating at home versus going out, or whatever, calculate the
savings and put it aside.

If you go to the grocery store and your coupons save you $20, take the
$20 and put it in an envelope or specially designated savings account.
When you get a $10 rebate in the mail, put it in the same place. When
you've
been frugal with your telephone calls and your bill is $50 instead of
$100, take the cash and put it aside. Do this until you have $250 saved
up.

Step three. Now, take that money and go on-line. Find a stock that's
been performing well or a high growth mutual fund and buy $250 worth.
Two great places for on-line trading with this method are Ameritrade and
Suretrade. You can find Ameritrade at www.ameritrade.com and they
charge $8.00 a trade. www.suretrade.com is another great option at
$7.95 a trade.

If you've never invested on-line before, it's a piece of cake. You can
place your order on the computer and then mail your check within 3
business days. If you have any questions, give the organization a call
and they can walk you through the process over the phone.

So do it! Make your $250 investment and feel good about yourself. You
now have something to show for all your money saving efforts and
sacrifices. It's a great tangible feeling of accomplishment and it's a
great start for investing. If it takes you three months to collect the
$250, that's not bad. If you can collect it in one or two month's even
better. Maybe you have lots of money leftover each month and you can
save it every two weeks.

Step Four. Don't start spending your savings now. We aren't done. It
is time to start over. As quickly as you can, save another $250 and
this time pick a DIFFERENT fund to invest in. How about a technology or
telecommunications fund. Always diversify. Purchase your second batch
of stocks/funds from a different sector. (i.e. oil, drug, technology,
retail, banking, etc.)

Continue this pattern until you have 5-8 different investments, each
with $250. Then repeat the cycle. Add the next $250 to your first
investment for a total of $500. Then contribute to the second fund and
third and so on. You can repeat this cycle as long as you want.

Do you need some ideas on where to find more money for investing? Here
are some: Once your bills are paid off, invest your former credit card
payments, cars loans and/or lease payments. Invest any raises or
bonuses you receive. How about your income tax refunds? For more ideas,
checkout my web site. It is full of articles on money saving
tips. http://www.creativefinances.com/tips

There's a famous saying from Warren Buffet: "If you're not going to hold
stock for ten years, don't touch it for ten minutes." Think long-term
and benefit from the wonders of compounding interest. Saving $3,024
annually ($252/month) @15% return compounded annually will be $309,789
in 20 years. In 30 years you would have $1,314,669. In 40 years you
would
have $5,379,969. 15% return is very realistic these days. If you get
better than 15% return, then you will achieve these results even sooner.

If you are young, you've got time on your side. You can easily be a
multimillionaire by following this simple investment strategy. If you
are a baby boomer, it is not too late either. Start now so you won't
look back and wish you had!
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Making an Offer
by Cindy Snyder
http://www.creativemortgageco.com/

Making an offer can be nerve-wracking! You really like this house. You
want it bad. How much should you offer????? The art of writing a good
offer involves many elements. You don't want to pay more than is
necessary and you dont want to be unrealistic either. Be very sure you
want this house before you make the offer. Usually you will be required
to pay earnest money if the offer is accepted. In most cases, this
money is not refundable. Typically earnest money required is about 1%
of the offer. Below are several things you should consider.

1. Consistency in Price. How does the house compare in price to other
homes in the area that are for sale?

2. Comparable Sales in the Area. Your real estate agent should be able
to provide you with this information. It is very important to consider
how much other homes that are similar to yours are selling for. If you
are not using a real estate agent, you can check with the courthouse.
Be sure to look at only similar homes and only the most recent sales.

3. Length of Time on the Market. A seller might be willing to negotiate
on your terms if the house has been on the market for a long time. Or
if they are being transferred and need a quick sale.

4. Get Preapproved. Mortgage preapproval is a great negotiating tool.
If the seller knows you are already approved for the loan, he/she might
be willing to meet your terms.

5. Condition of the home. Consider the cost of what you will need to
do to the home. Does it need a new roof? Will you need to add a deck
or porch? How old is the furnace and air conditioning unit? How about
the carpet? Is it big enough for your growing family?

6. If a New Home. Is the building cost per square foot reasonable?
Check the local costs per square foot by consulting with other local
builders in the area, but remember, the price of the lot also
contributes to the selling
price.

So by now you should have a good idea of what you think you want to
offer for the home. In your offer you should include the following.

1. The amount of the offer.
2. The proposed closing date
3. Any contingencies that must be met. ie..a satisfactory home
inspection.
4. Items to be included with the sale of the home. Specify all extras
in writing. If you want the refrigerator, it must be included in the
offer.

If you are using a real estate agent, the agent will prepare the
document for you. If you are making the offer yourself, it can be a
handwritten or typewritten document. Just make sure you include all the
necessary information.

Good luck and happy househunting!


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