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Reverse taking a few seconds to engage is a clear sign for an inmediate and complete transmission overhaul on the 722.3/4/5 About $3000.00 fix.
On a W140, constant on ASR/ABS/SRS can range from a couple of hundred bucks for defective relays to a couple of thousand dollars or more. I suggest a full check up on the system by a qualified tech.
Personally, I would not walk away from such a car, I would RUN, and RUN FAST and don't look back!
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A. Rosich
CL 500, 1998 
S 500 L, 1998 
E 320 T, 1995  [Sadly sold  ]
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