It really depends on the price of the house compared with CMA prices, how badly you want it, and how the general conditions. I am close to you, only minutes away in Ronko'.
We have an offer in on a short sale of which the seller has accepted and we are now going into contract, and it will then be presented to the bank. There was even competition on the house we are trying to buy.
The short sale process from what I have experienced, is slow and sort of like a real estate black hole. You can tie up a fair amount of time and money into the "unknown". If we do not get the house, we've still spent in the vicinity of about $2000 between legal fees, inspections and the incidentals with traditional home purchases.