Chim, I'm guessing the tractor has a loader? 27K seems a tad high, but you haven't actually began dealing with the owner yet, maybe there's wiggle room. I don't know how much the tractor difference is with vs. without a cab.
I bought an L4240 almost two years ago, I think 2007 was when it was purchased, about 680 hours with the 854 loader, open station, clean but not perfect. Man traded it in to dealer in Jackson, Tn. I bought it from them for 17K.
I considered it a good price because I looked for nearly 8 months to find one. One other one I found sold before I could get off my teeter totter for the same price!
The value on the ..40 series tractors has gone up since the ..60 series came out.