TLDR Summary:

Property listed for $2.9m. Comp values are $1.7-1.9m. We waited 4 months - and made an offer of $1.7m. Seller's agent is using bad comps (directly comparing 100 acre properties to this 50 acre property). We did not receive a response from the sellers. What are the next steps?

Full:

We are looking at a pretty unique property: 30-50 acres with an established home and stables.

There are 3-4 comps sold each year that are close-ish to this piece of property. And these typically take 6-12 months to sell. (One of the comps is a direct neighbor to this property - it shares the east property line - and sold about 6 months ago)

If we buy this, it would be a very long-term investment. (20 years)

This property is listed at $2.9m. We looked pretty hard at the comps. Comps are coming in right around the $1.7-1.9m mark.

Because of the massive discrepancy in list value to comp value, we waited until last week to go see the property/make an offer. We wanted to let it sit on the market for a bit before making a potentially "low ball" offer.

We saw it last week and made an offer of $1.7m - justifying it with an extensive list of comps.

We talked with the seller's agent - and were basically told that the comps we used weren't close - but the seller's agent couldn't show any comps that we felt were reasonable (he showed a 100 acre property that sold for 2.7m - as a direct comp for this 50 acre property / He also showed an 11,000 sq ft mansion - and compared it to this 4,000 sq ft house).

We feel like the seller's agent may have misrepresented the value of this farm to the sellers.

We did not get a response to our offer.

We would pay over comp value for this property - and just front the difference should it appraise lower (within reason). I am thinking our max is right around the $2m mark.

What are our next steps?

Do we let it sit for another 4 months - and then resubmit our offer?

Do we submit our absolute max now (2m)? Or is this still such a lowball that it won't make a difference?

Am I missing something here?

Is this just a lost cause?

The property was listed for sale about a month after the prior owner passed away. It is being sold as part of the estate.