Could be a good deal or not ...
Grampian 26s are decent boats. They are solidly built and fairly comfortable. Not particularly fast but there are many slower boats out there too.
You need to ask yourself a couple of questions:
1. What exactly is meant by needs electrical. This could be anything from it needs a new battery to it needs to be rewired and needs a battery. What does sails need to be lined mean? Something like needs sheets to added to the sails?
2. How handy are you? You certainly don't want to hire someone to do the work since the bargain would quickly disappear. Do you have the time to do the work?
3. Where is the boat now? How much would it cost you to store it there while you work on it or move it where you can work on it/launch it? Is it sitting on a cradle, stands, or trailer? Are these part of the deal?
Find an experienced sailor in your area to go with you to the boat. They would know what the boat is lacking and at least give you a rough idea how much things would cost. At least then you would know where you stand. It is an excellent price but not unusual in today's economy for boats that need a fair bit of work (and money). A G26 in good sailing condition would likely be in the $5000 range I think.
Heading back to Lake Ontario for this summer. Relatively few stops along the way from Grenada. Martinique, Guadeloupe, St. Martin (must have something to do with the French food), then Bermuda, New England and up the Hudson/Erie Canal. We were going to go via Newfoundland and Labrador but June remembered that one of the kids is getting married this summer - details, details!