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From the description, sounds more like cam cover leaks to me. You don't want to pass on an otherwise good car.
But, you also don't want to own one of these w/o a 'war chest' of some size to sort the car out right as soon as possible after taking possession.
Get more information ie. where is it 'bleeding', get as much specific information as possible - where exactly is the leak, what seals is the mechanic talking about, get an estimate from the Service Mgr. in writing so you know exactly what you're looking at. Then decide to take a hike or not.
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