This should be a very good gun, although it is quite unconventional. Designed by David Marshall "Carbine" Williams, it employs a floating chamber like that on the Colt Service Ace or the Remington 550; because of this, it can fire high and low brass interchangeably. I shot a round of skeet with a fellow who had one, and he reported never having any problems with it in the 40-some years he owned it, save for when he tried to reload warped Estate hulls. He said that his friend had owned another one that he had purchased while they were still in production (so before 1963, if I recall correctly), and that despite his friend having shot regularly all that time, it had never given him any trouble. I considered buying one some time back, since my grandfather was the photographer and research assistant for the authoritative and discontinued book about the designer, and $275 was the price I was offered by more than one person, so it sounds like a good deal provided that it is not corroded or dinged up.
For $275 dollars, though, how wrong can you really go? Granted, you should try to haggle them down further, but....