How do I analyze this pre-foreclosure in San Jose?

[Derrick Reyes]

Hi Everyone,

     First of all I am pretty new to all this stuff but learning fast. I was doing an equity search around my neighborhood using propertyradar and found a property that had equity, was unlisted and was in a pre-foreclosure status. 

Now from what I've been reading, this is a potential deal right? Perhaps the owner is in distress and wants to sell. Perhaps I should approach the owner and see if they are interested? The point is I'm just not sure and there are so many articles on this and other websites that its hard to find one that answers this question. So I'm asking you guys. here are the numbers:

Single family residents near downtown San Jose

3BR 2.5BA

Est. Value: $648,273

Loan Balance: $612,900

Equity: $35,373

Owner occupied.

Foreclosure Details:

Default Date: 10/9/2014

Default Amount: $218,960

Loan:

Recorded on: 4/14/2006

Amount: $508,000

NOD Recorded on: 10/10/2014

Okay so I'm here to learn. What other numbers are important here? Is there a potential deal here? I walked by the house and its a little run down but the issues look to be mostly cosmetic. Obviously I haven't been inside. Could use a fresh coat of paint and some gardening. 

Thanks!

Derrick