Need some help fast!!!!!!!



I was driving to the parts store to get some stuff for my '87 SS Monte Carlo when I passed a sort of run-down house with a black '84-85 Regal in the front yard with a for sale sign in the windshield. I noticed it had the '84-85 style T-Type wheels and it had the black-out package but it didn't have the hood emblem like all the T-Types I've seen. It needs paint and a new header panel but that seems to be it from what I could tell. The body is straight and rust-free and the interior is in decent shape. Still needs some work it looks good. The wheels look mint. From the way dirt and grime is on the car, it just looks like it's been sitting for awhile in tall grass or something. I saw one just like this about 10 miles from my house but haven't gone to check to see if it is the same car. Overall from what I can tell, it looks like it was driven to the front yard. I went to knock on the door but no one was home. So I raced to the parts place and raced back to the house where the car was. I knock again and the owner's sister answered the door. I told her I was interested about the car. She told me it was her brothers car and that he was at a car auction up in north Tennessee and should be back in about 2 hours. While pacing the floor, excited like crazy waiting for the 2 hours to roll by, I went here and wanted to ask what I should look for.... see if I can get some quick help. I don't know a thing about the engine until I go back and get some more info. He's asking $1200 but I have a car that I would love to trade for it though (not my SS). I don't know if he'll go for that and I don't quite have $1200. But I am going back to talk so if any of you could give me advice, I would really appreciate it. Thanks in advance.
I wish I could help but I've become a little bitter about basket case cars (mine). If it's in decent shape, drives ok, and doesn't have any major problems, $1,200 is a really good deal. I neglected everything on mine for the last 5 years but the motor and since it's been down, I've had to rebuild the front end, rebuild and install a posi in the rear, new bushings in the rear, new body bushings, every brace you can imagine to try and get rid of some of the squeeks and rattles, rebuilt tranny, I even had to buy a $500 T-type as a parts car because most of it was in better shape than mine. Now all I have left is the body (~$5,000 to make it look right).

Try and figure out everything it needs before you buy it and total it up and see if you would be willing to pay that much for it.