I'd be leary of buying one with that many miles as I have yet to see one with those miles so far. The cars have some serious potential problem areas that could be VERY costly to repair. The steering problem is probably just a slight leak from a hose clamp (common) and the fluid level may be low.
The #1 issue: If not already replaced, the trans will likely not last much longer as the early S80s have had tranny probs and they typically don't seem very durable or long lasting. It's a costly job out of warranty, the trans is about $2K and 15 hours labor (book time).
If not already done, the oil pan o-rings dissolve and cause low oil pressure, sounding like lifter noise. That's about a 4 hour job.
Early S80s have had MANY front suspension related problems: struts, sway bar links, ball joints, etc.
Electrical problems: The earlier S80s had many electrical problems and almost all require the use of the dealers Vadis PC to diagnose them, DL software, etc

All in all, I'd opt for a newer S80 with lower mileage and a Volvo dealer certified used car warranty which will help out for a while. Without a warranty and with high mileage, bought on Ebay, it's "buyer beware". Proceed with extreme caution if you're still in.