Don't Know What's Going on - Shady Agent/Developer

[Account Closed]

Currently trying to close deal for a fitness center (will be completed in Spring 2019) that is not yet in the market. Agent brought it to us as he thought it was a good deal and that we could get it secured before others knew of it.

After agreeing on price with buyer, we asked for an LOI. We were presented with an LOI that was severely lacking in features in terms of buyer's contingencies, rent/CAM abatement credits, etc. Even though agent said to sign it, we insisted to change it to include the terms we wanted and the LOI was finally changed, both parties signed.

We then waited for a PSA. Two weeks later (LOI said we'd get a PSA in 5 days), the PSA we received is a generic cut/paste which is also severely lacking in terms and is quite literally missing all the exhibits/supplementary info such as engineering/soil tests, tenant/landlord lease, architectural map of the property, etc. It also doesn't reflect the terms we agreed on in the LOI.

WHAT IS GOING ON HERE?!? 

Research shows that both the developer and the agent have been in the business for a long time and have done millions in deals, so why the lack of professionalism?? (Unless this is normal behavior and I'm just overreacting)

My dad thinks they changed their mind and that they want to take it to market to see if they can get a higher price. If that's the case, why not just tell us instead of having us go through all this?