Is home buying advice an outrageous offer?

Or should we wait until other offers have been submitted?

Others, however, have nothing to do with the value basis, how do you imagine that? Do you think you will find out at the round table with other interested parties and you can coordinate?
If you wait, sooner or later the "Reserved" will appear in the ad.

but there is a lot to do that does not justify the price

Cosmetic things are not taken into account at all in pricing. The house has lived for 50 years!
If cosmetic things bother you, you have to buy a younger house or build one yourself.

Used properties are rarely measured by what still needs to be done in the eyes of the buyers, but by what is available, namely plot size, location, and (still) usable living space as well as the regional market.

We like the house very much, but in my opinion it is priced way too high.

Your opinion. The next person might see it as a bargain because they like many things and have been looking for a long time.
That’s why you have to deal with the price yourself, whether the house is worth it for you. Or gamble and learn from the experience.
Just post the portal ID number. Or is there no exposé, only word of mouth?

There is currently nothing, as already mentioned, everything is running without an agent and without an [Anzeige im Netz].

Have you already been to the bank and asked what they say about the property and purchase price?

Or do you have the money bag?
In that case, I would set my limit, not bid, and would buy what I like and at the price I can live with afterwards.

The bank would finance it for us, but unfortunately, we have not yet found the money suitcase. We have also informed ourselves again on the side, and considering that the house is not insulated, the heating needs to be replaced, the rainwater utilization system first has to be converted in order to be able to use it at all, as well as important contemporary modernizations are necessary, 420k is fine. Of course, everyone would handle that differently, but with installments of 2600 euros, one does tend to think more about what still lies ahead in the house in the shortest time and what can be put on the back burner for now. Thank you very much for all the support!

We have also gathered some information on the side, and considering that the house is not insulated, the heating system needs to be replaced, the rainwater harvesting system first has to be rebuilt to be usable at all, as well as important contemporary modernizations being necessary, 420k is acceptable.

So then the question is, what do you want to invest? But with a loan of T€ 650-700, you probably want to turn the house inside out.

Maximum another 100k, anything over 500k is otherwise no longer affordable. If you can no longer afford your leisure activities because of the house and only work for the house and nothing is allowed to break, it becomes uninteresting.