If it's not playable, buy it. No, it should be playable of course, but I'm betting that's a dulcimer built by one of the Ward family, as in Kendra Ward-Bence. They have made a lot of instruments over the years and they are all very fine instruments. From Bob and Kendra's website: Between touring, recording, and publishing, Kendra and Bob also find time to carry on another Ward family tradition – building mountain dulcimers. They learned this art from Kendra's father, who began building dulcimers in 1925. While their hectic schedule prevents them from making as many instruments as they would like, they do manage to build 12 to 15 a year.
But always go for the deal too, so offer the guy $80.00 and see what happens........If it's half way decent at all, buy it for $120.00, but you might as well try to get an even better deal.
And as others have said, this dulcimer is an excellent deal from Elderly.