Greetings all. I ran into an issue with a property I have under contract in Tennessee. After the seller and I ratified the deal with a signed contract, she contacted her broker. He stated to me that my contract is illegal in Tennessee, subject to a $1000 fine. He stated that he had consulted an attorney and that she confirms that there has been legislation about this, saying that wholesaling is acting as a broker without a license. I had opened escrow and the title company was OK with it, knowing there would be a double close. I took this as a warning sign about trouble with this seller, and cancelled the contract. But I’d like to know if this is a real problem in Tennessee. Thanks
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