If at least one neutron star (NS) is magnetized in a binary NS merger, then the orbital motion of the conducting companion during the final inspiral induces a strong voltage and current along the magnetic field lines connecting the NSs. If a modest fraction η of the extracted electromagnetic power extracted accelerates relativistic particles, the resulting gamma-ray emission a compact volume will result in the formation of an electron-positron pair fireball. Applying a steady-state pair wind model, we quantify the detectability of the precursor fireball with gamma-ray satellites. For η ∼ 1 the gamma-ray detection horizon of D max ≈ 10(B d /10 14 G) 3/4 is much closer than the Advanced LIGO/Virgo horizon of 200 Mpc, unless the NS surface magnetic field strength is very large, B d ∼ > 10 15 G. Given the quasi-isotropic nature of the emission, mergers with weaker NS fields could contribute a nearby population of short gamma-ray bursts. Power not dissipated close to the binary is carried to infinity along the open field lines by a large scale Poynting flux. Reconnection within this outflow, well outside of the pair photosphere, provides a potential site for non-thermal emission, such as a coherent millisecond radio burst.