Hi I am new to real estate, and i am having a hard time understanding how to negotiate a pre-foreclosure, my question is pretty straight forward. " can I buy a pre-foreclosure for less than the outstanding balance?"

You've developed an outstanding resource for learning, collaborating and doing smart business in RE investing.

If that is the same guy his mobile home park purchase info was outstanding and something I am considering in the future. 

If you're a newbie, I believe it is an absolute basic requirement.Not only will it help clear up some outstanding issues and provide a detailed step-by-step procedure, but also the speakers, Shirley Henderson in particular, offer some valuable tips I have yet to see in any book, YouTube video, etc., or anyone here on bigger pockets.For instance, they will go over the process of double closing, how is totally unnecessary and why only newbie wholesalers would consider it.

Based on our anticipated offer being approved our numbers will work for us where we are comfortable, however, there are a few outstanding expenses that we foresee (prior to our legitimate inspection).

I had an outstanding realtor (Dakota Cooley) that helped me through this, answered all of my questions, and was there every step of the way.

Lender: XYZ Bank, Principal: 7000, Date: 1/1/2012So the question is if I buy at auction do I have to pay outstanding balance on which of the deed of trusts?

Instead of searching for a specific type of commercial you might let the economic opportunity guide you to a property.One additional note, be sure to keep an outstanding set of books on your CRE.

This is not an auction for the lien, in NC you come away from an auction not as a lien holder but a property owner.The property is valued at say 250K, the junior lien bidding started at 100K and ended at 190K and to the best of my knowledge and for the sake of this question the outstanding balance on the senior lien is 50K.

Your equity is define as:The value of your house - your outstanding mortgage.