What year is the tractor? A trailer that will haul that tractor/loader/bush hog is a couple thousand new, the tractor new is about $18k, the loader another 3k or so. Implements are a couple hundred each minimum.
So, assuming everything is in working order, tell us where it is and we'll buy it before you get there again. /forums/images/graemlins/grin.gif
It should move forward/backward in all ranges, but the top speed is only about 10 or 12 mph. The engine shouldn't smoke when running, just a bit at start up. The loader should stay up if you park it, shut it down, and wait. Same with the rear lifts with an implement hanging on it. The controls should work smoothly, not with jerks and/or hesitation. The lights should work, although that's minor. It may be fussy about starting in gear or it may shut down if you get off the seat -- these are safety features. The brakes should work noticeably to slow it down, the left one should shut down the cruise control and the right one should not.
On a newer model, the steering wheel tilts with the lever below it, but you need to pull it toward you. Unscrewing the "horn button" in the center of the steering wheel should let you telescope the wheel to suit. The ROPS should fold without much trouble, the tires should be decent looking without major cuts. Check the area behind the battery for damage from acid, which has a nasty habit of leaving the battery on these tractors for some reason. Both PTOs (if it has a mid one) should turn in relation to engine speed -- have the seller demonstrate that they work while you stand and watch.
It should start readily, with only a little cranking (a couple of seconds, if that) after you let the glow plug indicator go off. The gauges should work, the flashers should work, the seat should not be torn up, etc.
It sounds like a great price if the thing works. You can fix a lot for just a thousand or so if it needs it and have a very good machine. 700 hours is not much at all. Go for it!