How much is the person asking for it? Don't worry, no one here is going to buy it out from under you, if it's cheap. If the guy is a bicycle collector and the bike is a reasonable price [ you have to know that most serious collectors already have or have had one ] he knows plenty of other bike guys and they would buy it, unless he's asking way too much to recoup what he put into it. It's got the narrow truss rods on it. Schwinn stopped using them sometime in 53. As Shawn said, It's probably loaded with repro parts, but that's not bad, almost of of them that looks as good as this bike is. It's hard to find nice ones that don't have some repo and re-chromed parts on them. The knurling is often about buffed out on the re-chrome rims. Send a close-up photo of the fork lock, without the key. The replacement locks stand out. get a close-up the edges of the fenders and a good shot of the rims. The striping and the paint looks too fresh. I'll take a shot and guess he's asking $2,100 for it. Offer him 1100.-1200, if it's on an original frame. Black Phantoms are common bikes. If it was an original green one, that would be a different story. Let the suckers on ebay overpay for them because that's what they're doing. There's nothing worse than getting all hot for a bike when you're new to the hobby, especially a common one.
