Hello Alex- I would say it is not a deal-breaker; it should be fine. Not really a negative or positive. Correct, there will be no town water bill- so that is a good thing.
FHA mortgages will require a chemical water test in order to give you a mortgage on the house. Regardless, it is a good idea to do so anyways. Will cost you about $90 or so for a good and thorough chem. lab test. Should be part of your inspection contingency on your P&S.
Ask the old seller how old the well pump is. When I moved into my house, with a private well, I had to replace the pump (submerged 400' underground) within a week or 2 of moving in, and it cost me about $1200. Been fine since.
If the electricity goes out, I don't have much water- as it takes power to run the well pump. Not the case with pressurized town water lines.
If I can be of any further help, please contact me. Thanks and good luck,

Ken L.

As with everything, there are pros and cons to everything. A pro for a private well water is that you don't have to pay a city water bill. But what you would consider a "pro" or "con", I think is a personal choice.

I know someone who had access to the town water system but chose to hook up to a private well instead.

So here is some more detailed information about private wells, and then you can decide for yourself whether you consider it a pro or con. http://www.epa.gov/safewater/privatewells/index2.html

If you choose to go with a private well, then you might find this link useful http://www.wellowner.org/

I grew up in the South Shore ... if I can help you with any of your real estate needs, I hope you won't hesitate to contact me.

Cheers! -- Greer