Some states have ruled they are against public policy and strike them down but many uphold reasonable penalties if they can show a reasonable basis for doing so.

According to the GOV website here currently it appears NC allows buyer rebates. http://www.justice.gov/atr/public/real_estate/rebates-details.html Never have heard of Larry Loftis.

I see new comers fall for the lease option without asking questions or going through a lawyer to help protect themselves.

To add a layer personal protection in case of a lawsuit or as a strategy when a bank puts a clause on a REO purchase restricting you from selling it within say 6 months or 90 days.

With the ability to borrow money from the policy while having it still grow while protecting your business and family in the event of your demise, this will allow you to be the bank and not be waiting on a bank to give you the funds to purchase and flip properties.

We would like to ensure that you have a clear understanding of our rental process up front.We will conduct a credit and background check and contact references as part of the application process.It is important to provide a clear and complete application to make this process as smooth as possible.Please ensure you will meet the following qualification requirements before applying as there is a non-refundable application fee:Stable, verifiable gross income of at least 3 times the monthly rentFavorable credit history - no judgments to prior landlordsPositive references from previous 3 landlordsNo eviction historyClean criminal background check – no feloniesAll applications must be accompanied by a non-refundable application fee of $25 for the first adult and $15 for each additional resident over 18 years of age.This fee covers the cost of the credit and background checks.Again, we encourage you to apply only if you are confident in meeting the qualification requirements.Applications will be processed in the order received, and the fee will only be charged upon processing.If the apartment is rented prior to your application being processed, we will return your application fee.We use TransUnion SmartMove for our screening process.Upon receipt of a completed application with fee, we will send an invitation for you via e-mail to complete the application with SmartMove directly – there will be no additional cost for this beyond the application fee.This process helps protect the integrity of your personal information.

Anyway, the next day I went to pull up the listing to show the pictures of the home to my girls and I saw that it was listed to the public as a short sale, for our agreed upon price.

I don't operate in that market; so, I can't tell you for sure.Right now Memphis is undergoing public school reforms where many of the municipalities are building their own school systems.

Do you recommend setting up an escrow account to protect all parties?

This still has it's own barriers since title is encumbered and the sale will need to deliver clear and marketable title to a new buyer.When Bankruptcy is filed an automatic stay of collection occurs for all creditors, secured and unsecured and the borrower is protected under Bankruptcy law during the BK plan.