Questions regarding offer we tried to make

[Tanya Potter]

I found a property that was listed on MLS. Saw it with a realtor-not the listing agent. The person who showed the property to me and my agent was actually the owner, which surprised me. It's listed for $489k but knew immediately we would not offer anywhere near that. Property needs at least $75k in repairs. The owner was over selling it but also telling us how she doesn't really need to leave however the holes in her ceilings and walls tell me a different story. I can tell she is in financial distress. I tell our agent the most we would offer is $300k because I saw some comps (unfortunately nothing super recent) latest sales were 6 mos prior for that type of home is $440k. My agents gets back to us saying "there's is no way they will accept an offer that much lower than the asking price because there Lis pendens lien against the property from 2008 for $349k" I would greatly appreciate advice on next steps. I'm guessing this means they Are in pre-foreclosure???