Seller keeps giving the other buying offer extensions, even though my cash offer is higher! What could be going on?
I have a stake in my family's commercial real estate business in California. It's pretty small - we only own 3 properties. 

My dad has been a tenant in a building with one other occupant for 20 years. The owner (based in Russia, owns many of these properties) approached us to see if we were interested in buying the building. My dad jumped at the offer, but it turns out the other tenant had first right of refusal written into his lease, so we had to wait for the other tenant (who happens to be a real estate agent) to put in an offer. 

Even though my dad's all-cash offer was higher, the other tenant negotiated for an extension to his right of refusal deadline to get financing. That extension is about to expire, so we reiterated our offer. The seller is considering giving them another extension! Apparently the other tenant offered to give them $100,000 to give him an extension until July - which is still in total lower than our all cash offer!

It feels like something shady is going on - our agent asked the other agent if the tenant had some leverage over them, which the agent vehemently refused; the other scenario is the seller is trying to milk both of us of as much money as possible before selling. Since they own many properties, they probably aren't in a rush to sell. 

Is there anything we could do to win the deal?
[{"id": "fwvtikb", "text": "If I was you I\u2019d pull my offer and submit a new one for less. Fuck \u2018em.", "replies": [{"id": "fwy6xlz", "text": "Ha! I personally am a fan of this approach.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fwvu57d", "text": "It\u2019s really, really, REALLY common for purchase contracts to be extended multiple times.", "replies": [{"id": "fwvw2om", "text": "If there is a competing and better offer, then why? Is there some advantage to the purchase contract?", "replies": [{"id": "fww5t53", "text": "For some rare sellers, the highest offer is not the only consideration.  \n\nTricky thing about selling - you are not obligated to sell the property to the highest bid or the best terms.", "replies": [{"id": "fww9hlb", "text": "Fascinating insights.", "replies": [{"id": "fwyxvhi", "text": "I wish you Good luck with your offer and your future business.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fwwckzz", "text": "Could be that each individual extension is a shorter time to close than restarting due diligence and contingencies with your offer. They have no guarantees that you wouldn\u2019t request the same or more extensions. Especially if your offer causes them to ditch the current buyer and go with you, that puts you in a position with leverage in that the previous buyer will likely no longer pursue the deal, and then the seller is at your mercy as you\u2019re the only buyer lined up. The seller wants to expend their options with the current buyer before starting over with a new buyer (you). \n\nDoes that make sense?", "replies": [{"id": "fwy6m9h", "text": "Yes, thank you so much! This is helpful.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fwwg3hx", "text": "If the other buyer is willingly to give $100k non-refundable payment as an extension, hell I would extend it too.\n\nSeller can do whatever he wants, he\u2019s in the driver seat.  Sometimes it\u2019s irrational and sometimes it\u2019s bizarre but at the end is the day he\u2019s the driver.\n\nMaybe he likes the realtor and really wants him to buy vs your dad?  Who knows, but as someone said I would withdraw and wait to see what happens.", "replies": [{"id": "fwy6vof", "text": "Thank you, I think this helps clarify what could be going on.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fwwms04", "text": "If you offer a sum over highest offering and a quick closing, you would have been the chosen buyer. Covid extension is now common.", "replies": [], "depth": 1}, {"id": "fwwvs7f", "text": "How bad do you want it?  I'd pull the offer and let them know we're going to look at other things.  If they come back, your revised offer can be somewhere between your previous offer and the other one, or at the same price as the other one, or even lower but with a quick cash close and more money upfront so they might prefer to take the sure thing.  \n\nI'm not sure exactly what they're doing with the other offer unless there's something they don't want to tell you about that makes selling to the other party (regardless of terms) more appealing, OR if they hope to collect the other buyer's 100k and then go back to you (at which point I'd lower my offer by 100k).  Knowing they don't have you as a backup any more would change their calculations.", "replies": [{"id": "fwy75hl", "text": "Great advice, thank you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "fwwybsy", "text": "Extensions are pretty common in my experience - that said feel free to rescind your original offer and put in a new one for less or maybe financed rather than cash. Sends a clear signal.", "replies": [{"id": "fwy76tt", "text": "Good tip on going with financed for the second offer.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fwx7wng", "text": "Your problem seems like you want the property too much.  It's human nature, it happens to me all the time.  \n \nBut, you need to recognize that to get the best deal, you truly have to want to buy the property *less* then the seller wants to sell.    \n \nWhatever nonsense is going on here isn't really important - the important fact is you want it badly so it's stressing you out.  Tell the seller to call you if they get serious about selling and you'll get them a new offer... or maybe you won't because you are busy and have other options.", "replies": [{"id": "fwy74mu", "text": "I think you\u2019re right. My dad cares too much and it shows.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fx4k7py", "text": "I think a lot of Sellers end up extending as opposed to accepting a new offer because they assume the Buyer they are under contract with is fairly deep into their due diligence and has a higher probability of closing. Whether that is the case or not is to be determined. If they're pulling your leg just pull the offer and let them come back to you if it falls through. Then you're in a better position to negotiate and don't have a standing offer at a high price. Just my 2 cents.", "replies": [{"id": "fxe2mf1", "text": "This", "replies": [], "depth": 2}], "depth": 1}]