Michael is correct, it all depends on the specifics of the short sale. If you have the funds you are certainly at an advantage as often times houses come back on the market and a fast close with cash is very desirable by the lender.
Before you make your offer, just make sure to view competing properties to be sure you're getting the best deal. If the Short Sale property hasn't had an appraisal done (or Broker Price Opinion -BPO), it's possible a sale at the current asking price is not even possible. FNMA guarantee mortgages need 90% of the appraised value.
Also if you're able to pay "all cash" without financing, you may be able to buy directly at the courthouse for an even better bargain. You need a well experienced adviser to do that, however, since you could be stuck with liens that stick to the property after foreclosure auction.
Hope this helps.
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.