I would keep looking.
$110 seems awful steep for a Tiawanese Raliegh Record, at least that's how it seems down here in Alabama. Our local thrift store just recently sold a really nice mid-1980's Trek 400 for $25 and I bought a 1977 Raliegh Grand Prix from them for the same price a few months ago. (The Trek was the better deal by far, but I just missed it.)
Best wishes.