Making an Offer on a House

I am considering making an offer on a house. My real estate agent found a property that claimed to be bank owned but it turns out the guys living there actually have the opportunity to keep their good credit if they can sell the house quick. The house seems to be priced under market value and looks like a good opportunity. I know I should seriously consider buying this house but I am nervous. Presently I am renting from a friend's brother and paying next to nothing leaving me with all kinds of disposable income. For example last week after returning from a trip to Palm Beach I bought roller blades, a kayak, and ate out every single night. It's nice to have the freedom to buy things on a whim but I guess I should suck it up and invest in a future instead of toys. True or False?