What should I do when someone is underwater?

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Hey everyone,

 I keep running into a problem, which is getting leads where the home owner is underwater. 

Example: I got a call today about potentially buying a home with an absentee owner. She said her tenants lease is ending next month and she would like me to offer. I ran the comps and figured the house was worth around 300K. I offered 200K because it needed some updating, then she told me she owed 300K. I saw she refied in 2012 and 2014 before I called, but I wanted to offer anyway. 

When this happens, is it just a wash and I should walk away? Or is there something I can potentially do? 

Any advice would help! Thanks