E32 750i - knackered shock absorbers?

[Matto20vt]

Hey guys, just bought a fairly mint '89 750i for £500! Slight problem though, I think the front suspension is a bit knackered, it feels way too bouncy and when going over speed bumps if you take them at anything faster than a crawl it bangs like the suspension is hitting it's full travel. Does this sound like knackered shocks? Already sourced some on ebay but a few extra opinions would be good in case it's a common problem that's something else, I dont yet know a thing about these magnificent beasts.