Pre-Foreclosure magic?

[Daniel Rubenstein]

Hi,

I am looking for a house within a very small radius in Las Vegas, and a house came up in a pre-foreclosure/foreclosure search of the area that is way out of our budget. The house is estimated value is at about 1,100,000. I don't know much about buying pre-foreclosure, but I just wanted to know how cheap I can try and get this house for. If we would be willing to spend up to about 550.000-6K, is there any chance we can try and get that pricing for this house? Even though its half the estimated value of the house?

Total loan on the house is 1,300,000, and equity is about 350,000.

Any help, tips, advice would be really appreciated!

Thanks!!