What a pity. That was once an absolutely beautiful, nickel plated Model 29. The finish does look rusty and possibly pitted, the front sight insert missing, no rear sight, and incorrect stocks. I don't think I would have paid $700, even though today any N-frame revolver commands a premium. To me, that is a $500, not more than $600 basis for a project. As for refinishing, no need to contact S&W for a nickel refinish as they no longer offer such. If the metal is pitted, then it will probably look best with a bead blasted surface and hard chrome plating. Hard chrome provides the best corrosion resistance, hands down.