Need help analyzing Pre-foreclosure deal

[Vik Ari]

ok this my first time so am a little nervous and need you experts help here.

Well, after looking through a lot of pre-foreclosures, I am down to one which I like. I did some research and the numbers look like as follows:

1. Unpaid sewer - $76.27 (i see someone has already bought the tax sale certificate las year)
2. Unpaid assesments - $3,300
3. Bank 1 owed - $132K (foreclosure lis pendens)
4. Bank 2 owed - $120K (foreclosure lis pendens)

the property can retail for $240K if it sells. how do i go about this?

I was thinking of offering $150K, but how does that wipe out the lis pendens(about $252K)? I assume I am trying to do a short sale? who do i speak to in this case, the owner or the banks?

what are the other options that I can offer the owner. gurus pls help..

thanks.