If it is a short sale and it is 'pending', that means the seller has accepted an offer and it has been forwarded to their lender(s) for approval. You would have to have your Realtor contact the Listing Agent to see if they are accepting Backup Offers (in case the offer that has been submitted does not close).
As for what you should offer - don't base your offer price on list price. (Some Realtors list way too low just to generate offers which is not ethical but it is done). Have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3-6 months. This will give you current market value and this is what you should base any offer price on, not on list price.
Still, they are often free and are a whole lot better than on-line estimations. If you can get your hands on a recent appraisal, that is better though hard to do. Assessments, adjusted for 100%, can also be useful in some areas, misleading in others.
Most buyers do not realize, even at full price a bank may not accept a short sale offer. They are listed at a price no one knows if the bank will accept, or if they will "forgive" the debt. Unless it is a pre-approved short sale, which are rare.
I like the other agents question, have you spoken to your account and or a financial consultant? Many may argue with rates so low (below 4%) that it may make more sense for a buyer/investor to buy with a loan, put your cash investment into something else with a higher return of investment. Course, opinions vary on that, please talk to a CPA and financial consultant.
Last but not least, if you are and can buy a property for cash, Google Trustee Sale. Buy a property at the court house steps, you have to pay within 24 hrs but some of the "better" deals out there. Simply put, not a lot of people are in a position to buy properties for cash.
Best of luck.
Understand that the Shortsale may take 5 to 12 months to omplete.
Understand that the LISTING PRICE might be a "nonsense" number, based on nothing more than a feeling by someone. Do not put too much credence in it.
To buy a Shortsale or an REO, you will need a Buyer's Agent to help you: Your Agent will do a CMA to determine the Market Value of the house. Depending upon the market in your area and the desirability of that house, you may run up against Multiple Offers, and that's when it can get nasty. Lean on your Agent.
Good luck and may God bless