Yikes, I hope they dont want anymore than about 15 grand for that thing. Im looking at a 98 with 75k miles and an asking price of 19 and I consider THAT somewhat high. It really surprises me that a genuine BMW dealer would even keep that on their lot, that sounds like the definition of an auction car rather than a lot car. If you cant add a decent extended warranty I would skip it, and at 101k an extended warranty will run you at least 2500-3000.00 if it can be warranted at all. Many aftermarket warranty providers, including GM Warranty, wont even underwrite 7 series at all due to the complex nature of the vehicle. Still, with the protection of a good warranty you might just drive away in a great deal depending on how well you can negotiate as the repairs you could face could easily match the warranty cost.
If you decide to go for it,as far as what you might be looking at... Possible radiator replacement, Valve gaskets, and maybe electronic bugaboos... just make sure that a good mechanic looks it over as well.
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<img src='http://members.cox.net/inelson5/wooani.gif' border='0' alt='user posted image' /> The whistles go WOOOO!!! *BUBB RUBB FAN CLUB*