You must have patience to close. It usually takes a minimum of 3 months to close and in the end you
could end up with nothing.
Also the home must appraise out for what you have offered or you would have to bring that extra money to closing or you would have to walk away.
There are only a couple questions you need to answer at this point. The most important: Is the house worth the extra $5000 to you? For consideration: Why would you want to buy a home that clearly isn't desirable at the listed price as evidenced by the fact that it's been on the market for a year; particularly when it's clearly no particular bargain and comes with a significant hassle factor?