Hi, what is the model, year, and miles on this Honda?
Might you mean the "ball joint" below? Hondas typically have an upper one and a lower one. The lower one most certainly can fail catastrophically and dangerously. For an excellent anecdotal description, see
I rebuilt much of my 1991 Honda Civic's suspension this past summer, but not the ball joints. While researching this, I saw plenty of do-it-yourself reports on it. I think I could do it myself. I consider myself a low intermediate amateur when it comes to repairing my Honda.
Check back for reports and advice from folks who have done this themselves.
I would not drive the car. See the link above again. Your safety comes first; then the value of the car.
$200 does sound cheap, though. See if the guy is going to use OEM parts or what all.
Note that this is, and should be, properly cross-posted. :-))
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