Help! Is this GTI worth it?

A guy is selling a 2006 GTI 2.0t on my local craigslist for $700. He says the timing belt broke and it will need a whole new motor. But does that sound right? I know it could have done damage but doesn't it seem unlikely the motor is completely blown?

I've been looking at getting an older GTI anyway so I thought I would getting one like that and swapping the belt myself and doing some other work, I might could get a good deal but it might end up costing more than it's worth.

Any advice? Anyone else have any experience with something similar?