Do you know the history on the gun? I know that lots of 700s come from the factory with lots of freebore, but that's a little more than I would expect. Have a gunsmith that you trust check it out with a bore scope for a final judgement. If it looks good, but is just long, follow AZShooters advice and have a couple of threads cut off and a new chamber cut. If it looks bad, rebarrel it.
The reason I ask about the history is that someone may have had it throated for longer bullets, but the 1:9 twist of a factory barrel might not stabilize them, thus the previous owner deciding to get rid of it.
Either way, if you want a shorter throat some gunsmithing will need to be done.
Matt
