The listing agent could be in a lot of trouble if he/she is aware of this attempt to deceive.
But recognize that the owner might be willing to sell or lease. And unless he/she gets enough to sell it, the owner will lease it instead.
Example: Suppose the owner owes $200,000 on the property. Very roughly, it'll have to sell for about $215,000 for the seller to break even. So the seller won't (or can't) accept an offer below, say, $212,000. It's priced at $217,000. You offer $210,000. The seller's reaction may be a reasonable: "I can't sell at that price. I might as well rent the property out."
Hope that helps.