Advice on responding to a broker who requires a purchase agreement prior to LOI or meeting the seller?

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February 27, 2026

by a searcher from Rice University in Los Angeles, CA, USA

I am seeking advice for a broker situation that I am trying to navigate as I found a business that I really like and really fits my expertise. I submitted an LOI, SBA preapproval letter, and a bio about me to the broker a week ago. I am an existing business owner so I have experience. I got zero feedback on my offer terms. The banker that has pre-approved this deal says he has no offers he’s working. I don’t know that seller has seen my offer, I’m not allowed to meet the seller until I submit my PA and raise my price was the brokers response. He won’t answer phone calls, I’ve had to email since the beginning. I would normally walk, but this deal really supports my zone of genius. Any suggestions on how to best navigate this deal/broker? Asking- 1.22M Offer 1M
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Reply by a searcher
from University of Cincinnati in Long Beach, CA, USA
IMHO ===> walk
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Reply by a searcher
from Duke University in New York, NY, USA
If the broker's gate keeping from the outset, imagine how difficult it's going to be to obtain information at later stages
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