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Jane, if you really need to lower the offer price due to a new financial situation please involve your Realtor AND Mortgage Loan Agent.
One of the aspects of Short Sales that I do not like is putting in an offer where you don't hear back from the bank for months. In his market that normally means market value has dropped further. If you are primarily concerned that you offered too much, and assuming that your offer is subject to an appraisal contingency, you might use the appraisal to negotiate a lower price or cancel the deal.