96 Cobra 4v Question!

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HighT

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Sup guys, I'm new here. Alright, I know this guy that has a 1996 Cobra for sale.. I was planning on trading him my 98 GT for his car. He told me the car needs a intake gasket.. Well, here is the story of what he said. "Ran good, then noticed water coming out of the exhaust, So i pulled the intake and there was water everywhere and the gaskets were rotten and cracked. the upper gasket looked fine, I thought It was the headgasket till we did a compression check and they were about the same on every cylinder." I asked him if it was skipping or over heating, he said "Nothing just water everywhere it ran perfect, i drained the water and oil and just put oil in and it fired up fine sounded fine and then i cut it off."
He also said that its the lower gaskets that sit on the imrc butterflies.

Sorry if its hard to understand, I was reading the text messages he sent and typing..

I was thinking this could be a head gasket, Any other opinions? I'd hate to trade for a money pit. Thanks guys
 
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