First I would need to see the house, and know what the seller is asking for the property. I would run comps to see what homes have sold for and then I would let you know. It is hard to do without knowing your complete situation and where the home is exactly.
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
Without a link to the property in question there should be no reasonable expectation of any actionable guidance. So, sure, offer $260 a square foot. The seller may do the happy dance or kick your offer to the curb. Without some location and subject data, all we can do wish you the best of luck.
The data regarding values, (triple validated) trending and community prognosis are MAJOR evaluaters that will determine if this house meets your purchase objectives and risk aversion threshold..
As others have noted, the nature of your question suggests you could benefit from the cousel of a professional who helps in the buying and selling of dozens of homes a year.
Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Buyers Agents are usually paid out of the proceeds from the seller's side, if the property to be purchases is listed with a brokerage and on the multiple listing service
Good luck to you.
Hope this helps...
Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois
and RElocation Expert
Working always in the very BEST interest of her clients
at @Properties North Shore
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Best of luck, I wish you a merry Christmas and a happy and healthy new year to come.