Unusual Request: Broker Pushing for APA Instead of LOI – Normal Practice?

Hey everyone, I'm looking for some insight into a process I'm currently in. I'm exploring an acquisition that seems to have generated a lot of interest, it's well-priced and in a major metro area (~$4.5M EV transaction). After submitting an LOI, I've been invited to the "next round," but the broker is insisting I submit a full Asset Purchase Agreement (APA) rather than negotiating and signing the standard Letter of Intent (LOI). They claim the APA is just to demonstrate that I'm a "credible buyer" and serious about the deal. This feels very rushed, especially since we are still early in the process. They are also suggesting dual agency representation with the seller, which is making me raise an eyebrow. Some additional context: The broker's experience level is a bit of a concern for me; a quick search suggests they spent many years in real estate before pivoting to M&A relatively recently (early###-###-#### They're also the owner of a local franchise of a larger M&A firm, which makes me wonder if this is their firm's standard, albeit non-standard, operating procedure. My questions for the community are: 1. Is submitting an APA instead of an LOI for a second-round bid ever considered normal practice in highly competitive, smaller M&A deals? 2. What are the major risks of submitting an APA this early, and how does it change my negotiating position versus starting with a traditional LOI? 3. What is the best way to respond to this request? Any thoughts or similar experiences would be greatly appreciated. Thanks!