Annette  Lawrence , Palm Harbor, FL 727-420-4041, Making FLORIDA Real Estate EZ  (ReMax Realtec Group)

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Rainmaker
1,620,237
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Ironically, we get calls like the one you described  at least once a month.  We investigate the financial strength of the prospect, out them in our website to search the mls and acquaint themselves with price points and also point out that 50 yrs old will not qualify them to buy in a 55+ community, unless a co-buyer is at least 55 yrs old.

Jul 12, 2019 07:13 AM
Rainmaker
961,342
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

We have a 55+ community in Georgetown that allows those under 55 to purchase as long as 85% of the units are owned by that 55 and above. Always check the condo docs

Jul 12, 2019 07:18 AM
Rainmaker
861,218
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Assuming that 50k is way below market . . .
"Here is what you can expect to pay for these properties. Shall we hook you up with financing for the rest?"
No? "I don't think I'm yer gal, pal!"

Jul 12, 2019 07:08 AM
Ambassador
2,502,607
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

I'd use a straight forward approach and say: You must be at least 55+ to buy and you are well below market values with your budget though I can suggest other options such as talking to a lender and once approved, looking in a community that is not age restricted... 

Jul 12, 2019 07:01 AM
Rainmaker
1,820,481
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

None of the above Annette Lawrence , Palm Harbor, FL 727-420-4041 I would respond with "I am not aware of any housing in this price range in Minot ND. Are you eligible for any type of financial assistance?"

Jul 12, 2019 06:54 AM
Rainmaker
3,849,996
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

How many strikes does a person need to have? How do you buy into a 55+ community at the age of 50? I'm not in the business of provided false ID's for my clients. I don't handle $50K buyers... in my market this wouldn't buy you a double-wide today!

Jul 12, 2019 06:58 AM
Rainer
66,214
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

It really depends on where your looking! If your in my area of town I would go down the rabbit hole as long as I received a POF!

Jul 12, 2019 06:49 AM
Rainmaker
487,633
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

It will be hard to find a condo for $50k in my area so I would take the time to explain so she gets the picture.  I've had this type of buyer before, somene from overseas who wanted to purchase a home for $20k.  I just got another phone call yesterday and the conversation was something similar to this. Often I found people just want to hear what they want to hear and the reality is not checked.  To me, after I have taken the time to explain, and if they still want to drift along so be it.  I just move on.

Jul 12, 2019 08:38 AM
Rainmaker
727,175
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Suggest a motorhome and a Sams Club card! Fun stuff!

Jul 13, 2019 12:47 AM
Rainmaker
848,269
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

#4.  Send the individual up to Lafayette, Indiana where $50,000 can purchase a condo with lots of people over 55.   It may not be on the water but it does have city water!   ^_~

Jul 12, 2019 04:54 PM
Rainmaker
1,690,117
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

A) Client is bad at math. Pick up a small calculator at the Dollar Store which should help.

B) Client again bad at math thinking 50K will buy anything but the parking slot of a condo.

C) Just for grins send her condos in the 300K range. You don't have to pay attention to math either with this client.

Jul 12, 2019 10:14 AM
Rainmaker
1,355,468
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I suggest places where they can move to and agents to help them, where $50k is a viable budget.  Out here, that's not even a down payment for a 55+ community.

Jul 12, 2019 09:44 AM
Rainmaker
3,828,296
Richard Weeks
Dallas, TX
REALTOR®, Broker

First I would know in my market you are not going to find anything for 50k

Jul 12, 2019 08:41 AM
Rainmaker
343,579
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

As usual, more questions than answers.

Is $50k a reasonable offer for the area?

Does the buyer plan to reside there? Many adult communities restrict residency not ownership.

Will the community allow an exception? Many adult communities allow a percentage of under age residents.

Is this buyer serious, but limited financially? Or just a cheap, unrealistic bozo?

There is not much money to be made selling $50k properties. But if they really need help, I would help.

Jul 12, 2019 08:41 AM
Rainmaker
708,861
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I think you need to follow the legal instructions of your client. If you can't for any reason, not a transaction you can handle, you can refer the business to another agent or advise the client that you are not the right agent for something like this.

Jul 12, 2019 08:12 AM
Rainmaker
1,383,963
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

I'd go down the rabbit hole. "You need to be 55 or older," for starters, followed by listings.

Jul 12, 2019 07:48 AM
Rainmaker
661,304
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Narrow down where she could purchase a condo for $50K & then clarify the 55+ communities rules to see if they could accomodate someone who is 50.

Or just pass on it. 

Jul 12, 2019 07:35 AM
Rainmaker
3,781,265
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Some of our 55 plus community are changing and have reduce the age to 50.

Jul 13, 2019 09:49 AM
Ambassador
2,053,637
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

d. provided we find a condo that fits your budget, you need to be aware that you may be able to purchase at this time but not live in that community until you've reached the required age. 

Jul 13, 2019 05:27 AM
Ambassador
4,458,757
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

With that price point in our area you are limited to a older mobile home in a 55+ community, and there are very few at that. Depending on the HOA documents there might be an exception for a 50-year-old (but I haven't seen it unless someone else living in the house meets the age requirement) and I would make sure I explained that to the caller.

Jul 12, 2019 08:47 PM
Rainmaker
826,288
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

$50,000.00 condos are long gone around here. Some 55+ communities around here allow around 15% of units to be sold to people under 55. I think most rent them out until the time comes when they might actually move there.

Jul 12, 2019 02:32 PM
Ambassador
5,161,537
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Nice down payment, lets start looking for your dream home.

Jul 12, 2019 02:23 PM
Rainmaker
803,467
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I would chat and find out more than what you have given us.

Jul 12, 2019 01:08 PM
Rainmaker
468,099
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

I would simply let the buyer know that if their budget is $50K that they are looking at an older mobile home in a mobile home park for our area. And that I would be happy to help them find an area that has housing for $50K in some other state/city - and that it may have to be in a different country!!

Jul 12, 2019 11:07 AM
Rainer
291,387
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I'd likely offer to refer them to an agent in Detroit where they may have a chance to buy something for $50K or less! 

Jul 12, 2019 10:40 AM
Rainer
248,923
Don Baker
Lane Realty - Eatonton, GA

I would politely explain that a $50,000 property does not exist in my market and suggest they look elsewhere

Jul 12, 2019 10:36 AM
Rainmaker
1,086,935
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Neither the age or the budget could open that door in this area. No explanations necessary.

Jul 12, 2019 09:52 AM
Ambassador
2,989,916
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Explain there are no condos in that price range and at age 50 buying into a 55+ community would not be possible.  I would explore other options after vetting the buyer's financials and ability to purchase. 

Jul 12, 2019 08:53 AM
Rainmaker
4,679,729
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Give them the straight deal.

Jul 30, 2019 09:41 AM
Rainmaker
859,909
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If there is someplace outside of California that you can buy for $50,000 and live in whether 55 or not, I don't have a license to sell that property.

Jul 13, 2019 06:46 PM
Ambassador
4,039,013
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Annette, I wouldn't have that problem - we don't have $50K properties here in Charlotte. I don't think it would be worth going down the 50-to-55 rabbit hole either!

Jul 13, 2019 04:41 PM
Rainmaker
6,305,565
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Provide your best advice to all.

Jul 12, 2019 11:43 AM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Where there is a will there is a way...May they meet-up successfully for you

Jul 12, 2019 09:17 AM
Rainmaker
5,570,205
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that sounds like they qualify for an affordable unit in  55+ community....I'd check to see if they exist in your area.... 

Jul 12, 2019 08:02 AM
Rainmaker
5,305,122
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Annette,

I agree with @Sandy a

Jul 12, 2019 07:49 AM