My wife and I are looking to buy our first home and one of the houses we found has very nice hardwood floors. My question is this, the floor in the living room has a hump in the middle of it. Is this something I should be concerned with?

I guess it would depend on how severe the hump is and where.

If the hump is parallel with the floor joist it could be a crowned or high floor joist. If it is perpendicular to the joist and runs throughout the room it could be a sign of a structural problem that should be checked out by someone qualified.