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difficult to tell from the pics. might be worth getting seller to send some different views. if it's as gnarly as it looks the top tube probs needs replacing.
if you do go through with sale, for peace of mind drop it into a frame builder and get them to check it out. Saffron has done that a couple times for me, check the alignment etc
Have I made a huge mistake?
Theres more rust than I first thought especially around the BB/chainstays and the dent on the top tube looks pretty nasty. Could the dent be brass filled or would the top tube need replacing? Should I be worried about the structural integrity of the BB area?
http://www.ebay.co.uk/itm/Roberts-Racing-Bicycle-Reynolds-653-Campagnolo-Chorus-1988-60cm-/171941834057?autorefresh=true&ssPageName=STRK%3AMEBIDX%3AIT&_trksid=p2047675.l2557&nma=true&si=eK6YXE7zpCV5sdA8WDSk8Grhvi4%253D&orig_cvip=true&rt=nc