“But he does not know that the dead are there”: “But” introduces the contrast between the invitation and the consequence, which is death. “He” refers to the simple person invited to her feast, but may be expressed as plural. See Good News Translation “her victims.” “Dead” translates the word rendered “shades” in 2.18 and refers to the spirits of the dead gathered in Sheol.
“That her guests are in the depths of Sheol”: “Her guests” is literally “her called ones”; in this context it means those who have accepted her invitation. “In the depths” means in the deepest parts. In 7.27 the house of the adulterous woman is next to “Sheol”, the world of the dead. Die Bibel im heutigen Deutsch translates this verse, “But whoever accepts her invitation does not know that inside at her table sit the ghosts of the dead. Whoever crosses her threshold, steps into the world of the dead.” You may find this a helpful model for your translation.
Quoted with permission from Reyburn, William D. and Fry, Euan McG. A Handbook on Proverbs. (UBS Helps for Translators). New York: UBS, 2000. For this and other handbooks for translators see here .

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