Does $700 include optics?
If not, I just recently purchased a Remington 700 SPS Varmint in .308 for about $600 and with factory loads it averages .75-.8 MOA with 5 shot groups.
The rifle, bases, rings, and scope all together ran a little more than $1k, but I am more than happy with it so far.
Here is a target with 3 shot groups at 200 yards. I wasn't shooting to test the rifle, just a little competition with a friend:
And here is the rifle:
