The Creative Investor - Pre-foreclosure House Strategy??

I am very new at REI so i need help. We found a house that the owner lost his job and had to move back to his home town. The owner owes 183k, the home appraises at 197k, we offered 150k but the owner took it to the lender and they rejected it. Obviously we are headed in the wrong direction. We need a strategy please!!

Thanks

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