She wouldn't tell me out of embarrassment however I believe its underwater at least $100k. 

How embarrassing :O

Some would say that the only  way to get a steal is to be willing to make an embarrassing offer.

One time I was looking@some properties ( you know driving for dollars) and there was this house that looked very nice just really abandoned it had trash all over grass was long etc.. so I got off my truck looked around went up to the windows and peeked in  the house (hahaha) you won't believe what I saw ..There was a t.v set up on the wall and it was on lol...I ran out of there so fast I was so embarrassed because I was just peeking through someone's window and you can get arrested for that lol..

Even if she doesn't sell to you (she might be embarrassed to call you) she might refer someone to you in the future.To sell through an agent she will have to either put money in the property, or sell to an investor who will only pay wholesale prices.

Call her back and give her an offer that you may be really embarrassed of after looking at the property with a GC.

In contrast, those featured in the podcasts, we have NOTHING to sell but just share our experience - what works, what does not work and heck, I even shared my most embarrassing mistakes!

I once heard someone said that if you are not embarrass to tell the seller your offer, then it is not low enough.  

I was embarrassed at my naive expectations, but now realize I have to put on my big girl panties and DO something.I made several inquiries to mgt firms and am compiling proposals on behalf of our board.None of us have any experience, but are trying to learn and make the best choice.  

It's not hugely expensive when compared to the alternatives.I'm torn about posting this link as the title is mildly embarrassing, but it's good little walk through of the process.http://livegorgeously.blogspot.com/2012/04/painted-granite-countertops-tutorial.html