Is rust on the undercarriage a deal-breaker of a used car purchase? on 2002 Honda CR-V

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Hello all, I am looking to purchase a used 2002 Honda CRV. According to the pre-sell inspection, it's in really good shape except for the rust on the undercarriage. The car came from a northern state. The rust has apparently caused a leak in the exhaust converter which causes a noise. Twofold question, is this a dealbreaker? (90k miles, $7000). Secondly, what kind of repairs related to this am I looking long and short term? I am from the south and don't know much about how rust affects things. Thanks
(2) Answers
Im in niagara falls new york and I deal with rust all the time, the converter rusting out on this suv is comm. and can be a big exsp. the most import. thing to look at is the fuel and brake lines they can be a very big prob down the line. Anything on a car or truck can be fixed or replaced but when it rust bad enough there is know fixing it. We have alot of good running cars sitting in junk yards here just because of rust. If it looks really bad keep looking for another suv and save yourself alot of money down the road.
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