I know this is a very broad question as I don't know the specific issue yet.  About to complete a wholesale purchase of an '81 that was sold to CARMAX.  Son was buyer and had dibs, so to speak.  Outstanding inside, outside, and mechanically.  70K miles.  Only problem right now is that it failed VA emissions.  I know it could be almost anything, but, worst case, how bad could the damage be, dollars wise?  Thanks.

If all of the components are present and accounted for, it can't be that bad.

If you can get the actual readings and post them, along with the allowable limits, I may be able to help you.  Among the other things in my background, I was one of the first 30 Emission Repair Instructors in Ohio licensed to teach IM240 repair in Ohio. 

Thanks Ken.  I'll get them and post.  I don't know if all the components are present.  Not that "smart."  I was originally lookin worst case.  Owner had car in Germany, and may have removed stuff to take on the Autobahn... Yikes.

Actually, I think Germany has pretty strict emissions laws, but I guess if would depend on what part of the country it was.
Did the car fail the "sniffer" portion of the test, or the "visual" part? Some cars without all of the "smog junk" will pass the sniffer/dyno emiss. test with flying colors, but fail because of a part(or parts) that was removed, such as the air pump, or the warm air tube, from the exhaust to the air cleaner, or even a leaky gas cap!
Also, check with your local IM240 people, and ask about exemption status. Here, over 25 years old is exempt from emiss. testing. Your state may be different.

Thanks.  Here are a few more engine shots...

http://groups.msn.com/FlashBang81

If I understood you correctly, the emissions problem could be as easy as reinstalling a TAC stove and pipe, and adding filter and hose for the air pump, provided the pump is working?

VA does have a 25 year emissions exemption, so on 1 Jan this would not be a problem.  Unfortunately since it's being purchased from CARMAX wholesale, they won't let it leave the lot until it passes!

It looks like it only failed on the visual part. I would get the parts required & install them. I would also talk to a certified Inspector, and ask them to verify/clerify which pieces are needed.
In Texas, a car lot cannot sell a vehicle that will not pass state inspection, but.... it is up to the DEALER/LOT to repair it, not the buyer. VA must be different?
Good luck, and I hope it works out for ya!!

I can't tell from the photos,  Does it have Headers?

If so, the heat stove will be a problem.  That's the sheet metal over the manifold that supplies hot air through the tube to the air cleaner assy.  You might find an aftermarket stove to operate with headers.

But you are dealing with missing hardware.  Don't forget to check out missing air pump parts. That in your list as well.

I can  understand Carmaxs' refusal to let it leave the lot...(IN the hands of a buyer) ...in fact it me be illegal for them to sell a car
that has not passed all the required inspections... In Maryland
a dealer does have to have the car inspected for saftey BUT do not have to have it emission tested... that requirement falls on the buyer 2-6 months after he buys the car...

BUT

I also know that dealers  BUY and SELL cars thru wholesalers day in and day out...   I would have your son get the names of a few local wholesalers and make a deal for the car thru them...

Carmax gets the car off the lot, without having to invest any money on it... They win,  The wholesaler makes 1-200 bucks for his effort...(he wins)...and you have a car in your name that can be put on the road legally in 2 months.....you win...

Been there done that ... 
If all else fails and the wholesale price is DAMN GOOD... have it fixed
out of your pocket and swallow the loss...

Bob G.