At 130k, the standard volvo check list would apply.. Proof that the timing belt and components were done, pcv system is functioning but probably has to be done, maintenance records, and then standard high mileage car stuff like wheel bearings, struts, steering rack, suspension ball joints and bushings, accessories still functional, brakes, axle boots aren't torn, etc..
I saw the car on Craigslist , ask the owner about a few things and the only thing I got out of them was that the timing belt has been replaced Twice and they think the water pump was replaced. Some people when selling their cars are so clueless. The good thing is they don't live to far from me so I just might go and check it out anyway
Things I wish I knew how to check before going in: Front strut (any leaks?, push on each side of the car to hear for noises and see if suspension pushes back), wheel bearing (Was it replaced at all? Because you'll have to at some point soon), alternator (hard to check but both mine and my dad's s40 had to be replaced), any cracks on the coolant reservoir? What kind of gas have they been using (should be premium)? Pretty much everything that Ou2mame mentioned.