Before you leap at it - why are you buying it; for collecting, or for shooting?
If you're buying it for shooting, inspect it...check the firing pin hole in the breechface; dry fire the gun 4 or 5 times. If the firing pin sticks forward...walk away unless you plan on having a breech plug fitted. Check the slide stop notch. If it's been deformed...walk away, unless you plan on having it peened back into place and spot-hardened. Both of those were improvements made on the 1911A1 to prevent those issues.
If you're buying it for collecting, again inspect it before you buy it. Make sure it's original and correct. Check to see if it's been refinished. If it's been re-arsenaled, check the markings and verify that it's otherwise "correct" for a refinished/rebuilt military gun. There's a lot of documentation on the web and in books about this stuff; be prepared to read for a few months...
For the price they're asking for it, I'd be a little leery that it's not original. Either that, or it is, and the seller doesn't know what they have, which perversely increases the chances of it being monkeyed with as they wouldn't know any better. The fact that you described it as "beautiful" indicate to me that it's been refinished...probably very well, but still refinished. Most average 1914 1911s are more patina than blue these days, unless they've been exquisitely cared for for the last 97+- years.
Then again, who knows...