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Looking at a home thats stale on the market, probably over priced, questions about offer

I am going to view a home Thursday that has sat on the market for 105ish days. Its in a rural area, and between the property being odd(5 small tax parcels in a package) and the smaller house vs massive shop(1600 vs 5100) the house is kind of an oddball to try and comp and i feel this also is putting off buyers. Add in other factors like the listing claims and "ADU" but tax paperwork and the county call it a detached garage.

Basically the need for a niche buyer, who wants basically a warehouse, outside of town but still right against the neighbors.

Basics of the house

1.28 acres in 5 parcels(not all equal, house is on .28, shop is on .5, the rest makes up the other 3)

1634 square feet of living area(rambler no basement) with 3 bedroom and 2 bathrooms

576 sq foot "ADU" with kitchen and bathroom but listed by county as garage

816 sq foot detached garage

1200 sq foot concrete back patio with cover over about 350 sq feet of it

5075 sq feet of shop space with power, lifts, 9 bay doors

https://www.zillow.com/homedetails/20391-Oleary-Rd-Mount-Vernon-WA-98274/23350953_zpid/

They priced it at 1,195,000. It was reduced to 1,145,000 a month later. 19 days later it was again reduced to 1,095,000. The latest reduction was to 997,000.

My realtor and i think its probably closer to 875-900. I have approval for enough to buy it at that price, but am not willing to attempt to get in at a million.

In a situation like this, would you make a low ball offer or wait and see what the house does?

submitted by /u/loki_stg
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1mudr7t/looking_at_a_home_thats_stale_on_the_market/
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