Smart woman. I own two Iorio products, one is the Iorio Acorgan S3, and the other is a rebadged Iorio, an Elkavox 83. I would have rather aggressively shown the person who made the $50 offer the door rather vigorously.
Both of my Iorio products are played regularly now as is my Hohner Morino VI N. Now, though the very digital Roland FR-8x doesn't suffer from the same "issues", it's my latest squeeze, so I am using that one the most at the moment.
I've seen the S3's go for around $500-$750 US on eBay and the Elka 83's go for around $1300-$2000 US depending on condition.
By the way, just playing it is not any real indication of true condition, exactly the same as just driving a car is no true indication of it's condition. You need to open up the hood, look inside, look under the rugs for rust, and potential issues. Same with the accordion, you must open it up and see if there is any mold inside or rust on the reeds or anything loose or broken or near broken. A car may drive well, but 10 miles down the road after buying it, you may blow the engine and transmission, either separately of which can cost more than the value of the car.
If the person evaluating the accordion did not open it up, they were not very knowledgeable about the real issues of how to properly evaluate an accordion and the associated dangers. As I said, one of the WORST things you can do is put a perfectly good accordion in storage. Just because it was good 5 years ago is not a guarantee it is good today. Accordions are likely the only instruments made that do not age well, even under the best of conditions.