Thanks Greg. Unfortunately, it is too late. 2 days after I saw the airplane, I called the owner again to arrange for a demo flight - at that time I would decide to make an offer or walk. He told me that the airplane sold. A buyer from Oregon put down a deposit without looking at the airplane or the records. A local EAA member (the plane is in Milwaukee)who is an A&P will look the airplane for the buyer and arrange the purchase.
Oh well, there are other 150's, but this was a nice one. Any advice on this experience?