Let your agent talk with the listing agent

In a short sale, no one really care about the price. Usually, if the final sale price is over 80- 90% of the BPO (broker price opinion), the bank would OK your deal.

If you do not have competitor, then find out the current market value of it, multiply with 85%, then let your agent submit an offer. Or, if the listing price is already lower than the 85% of the BPO or market value, and you really want it, then submit the full price offer.

Let your agent push the contract to be ratified.

After that, you will usually wait 3-9 months. During this time, you can shop for other good deals. If you can buy something else before this one, then go ahead.

After you purchase something else, just need to cancel the contract for the short sale. Only less than half of the short sales can be successful. So don't take it too serious.