First do your homework and find out how much the house is worth in the condition it is in and in the condition it will be in after you've made the repairs - have a contractor meet you at the house with your agent.
You may get a short sale house at a reduced price, but most likely it will have it's fair share of problems - think 'fixer-upper'. Try to find a couple buddies that are skilled in different trades (electrical, plumbing, carpentry, etc.) give it the once over before you submit an offer - and make it Contingent on a home inspection.
In addition to making sure the home itself is sound, be certain to retain an attorney who is well versed in short sales who can protect you and does many short sales. They are not for the faint of heart and yes, they do tend to drag on for months, but a good deal can be had - the next step is foreclosure, which costs the banks much more.
Make sure your realtor is keeping track of the status and in the meantime, keep looking for other properties as your may not be the only offer the bank is considering.