Hello, there. Welcome!
We discuss this problem all the time -- do a search and you'll find more information than you can probably handle in one sitting.
Forget about what the PO told you, he probably made all of that up, anyway. Find a good indy, one that actually knows what he's doing, and use him (http://www.iaibmwsp.org). The problem you're experiencing is typical; we've all had it at one time or another and it relates to one of three things, in order of likelihood: 1) front suspension -- thrust arm or control arm bushings and ball joints, 2) warped rotors, 3) bad wheels or tires.
So, do a search. Read http://www.bmwe34.net and get your bimmer back together
best, whit