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.
The person to whom this question should be directed is not us. Your Realtor is the absolute best person to ask about questions of your transaction. Well-meaning posters may inadvertently harm your transaction by offering advice made without full knowledge of the details.
BTW I am involved in a short sale transaction and we are in our THIRD escrow for the same property.