Fitzgerald222,
Most investors will have the realtor do a comparative market analysis (CMA) or you can have the property appraised. They are similar, but the appraisal is more in depth. The appraiser will compare the properties in the area that have sold recently and are similar in size, lot size, location, etc. He/she will add for things that are better and subtract for areas that are worseand then he/she will compare those things to the sales prices to come to a reasonable conclusion as to a fair market value (FMV). The appraisal will cost you $300+ but it will help with the peace of mind when you buy the property.
Wilson