I submitted an LOI for a business last Friday for a business listed with a broker. At the time the broker told me that they thought it was a strong offer. My initial LOI had an expiration this past Tuesday. Each of the past two days the broker has told me they need more time for feedback and evaluation. I suspect they are purposely stalling in hopes of getting another LOI and creating an auction.

I am tempted to inform the broker that if I don't get feedback today or tomorrow at the latest I will consider my offer rejected. I would explain that continued non-response indicates to me the Seller is not enthusiastic about my offer and the prospect of working with me so I am moving on.

Is this the correct approach? How would handle this situation?