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ABS and TRAC lights are caused by a common failure of the ABSTRAC control module. My failed too, replacement was ~$400. The Service Light comes on at regular intervals as a reminder to service your car. So, unless you buy a $150 reset tool, take it to the $tealer for oil change or a mechanic that has the reset tool... it will continue to stay on. Earlier 850s can be reset manually.
Broken top engine mount is very common as well. Volvospeed.com's BAY 13 has pictures and list of maintenance items that would answer all of your questions.
Why don't you look into a late model 960 or s90? They are very solid cars too.
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