What was said about hr. meter and hours/paint condition, general level of grease/grime, not equated with 160 tractor hours on a new tractor. If you want the tractor as part of a land deal, I'd say take it- depending what it is valued at in the deal.
Send us a pic of the entire tractor, showing engine, seat area etc. and we may be able to better comment on its 'value' to you. If you want to find the source of the 'misting', read LEAK, use some gunk or grease cleaner and spray the area in question, hose off and then run the unit until you see where it is building up grease/hydraulic fluid first. Use a piece of cardboard to see if the leak is evident on it. DO NOT use you hands, even with gloves- hydraulic pressure will allow fluid to inject into your skin and can lead to need for immediate surgery in best case. All leaks are repairable- just depends on where it is as to time/cost of repair.
Good luck! Post back....