It's not worth $4K with a bad engine.

I'll bet nobody bids on it.

Furthermore, you get to pay your money..........but, you don't get title to the car due to the title being in possession of a bank. This is the general state of affairs with dealers..........and you're stuck with that. But, this is a private seller and you've got no effective recourse if he disappears with your cash.

Stay away.