... one more thing to check easily would be the VIN#. If the 5th position is an "X", it came with the L82 - if it's an "S", it was an L48. The VIN# number should then be compared to the number on the engine. There are posts showing where to find and "match the numbers"; if I find one I'll post it here.

I'm gonna say, based on these pics only, I'd have to pass on this one.
The rust on the trailing arm is pretty severe, and the frame area to the right of the t-arm(where the brake cable is supposed to be bolted up) is rusted to the point of the frame having chunks missing out of it.
In the third pic here, that bolt is rusted bad enough that it will need to be cut off...no way it would ever be unbolted...not really a good sign.

While the paint may not be the best, I don't see that as a deal breaker on this one, but...the rust, and the condition of the interior would be, for me. Just my opinion...

The valve covers are painted...L82 engines had magnesium v. covers.

Get a copy of "Corvette C3 Buyers Guide". Shows some of what to look for when shopping and has detailed color pictures. Also, the Corvette black book is a good learning tool.
Don't rush, this time of year is more of a buyers market. Spend as much as you possibly can and a little more to get as much car as you can that needs as little as possible for the amount of money you have. (long sentence, sorry).
I looked for almost 2 years before jumping on one,(my first). A lot of wasted trips looking? Yes and no, I learned something new from each one.

If this car is still under consideration, I can tell you that I purchased a 76 about 1.5 years ago for $5400.  I probably spent too much after adding in the transport costs, but got a car with decent body and good mechanical condition (except for brakes).  I had to do some repair to the bonding strips and prep/paint and completely replace the carpet and make many repairs behind the dash.  It needs a body off at some point, but will get to it when I stop spending money on my shark and a little on heat in my garage (winter project). 

Look carefully at the T-arm pockets and frame in this area.  Also look at the floor boards to see if they need replacing (mine did, but frame was not too serious).  Look also at the body mounts that you can easily see.  I agree with the other comments on the frame in this area - looks like potential trouble.

Considering the work ahead on this car, I think he is asking too much and you should keep looking.

One other comment:  There are many relabeled L82 cars out there.  Mine was one, but figured it out ahead of time.  That said, a good L-48 is a better choice than a crappy L-82 any day.  I would look for a good shark and not get hung up on the L-48 vs. 82 in this general date range.

I see you're from NJ. Our north eastern season is beginning to slow down. Starting about now and in to the winter is definitely a good time to be buying! Many potential sellers will be willing to let their Vettes go cheaper now rather than in the spring/summer months when the prices go UP.

Judging by the pics you took, it needs attention.

[QUOTE=iamuandi]... [/QUOTE]

Thanks everyone for your help, I decided to pick it up after I check out a couple vettes last weekend.  I will post some pics soon.  It runs great, and all rust was just surface rust.  I put it up on a lift and checked it out with a mechanic who restores old dodsons.  I'll update you all soon, and thanks again for your help!

Remember for all the rust you can see there is a lot more you can't. That scares me. I hate rust repair unless you do a frame off all you will end up doing is patch repair.Look for a southern or western car.

Yeah, those aren't L-82 valve covers.