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You can submit whatever offer you please. If the listing is in the beginning stages of the short sale process, your offer will be submitted to the bank for approval. If the short sale is already approved, then usually the bank has an "approved sales price", if your offer is lower than that approved price, negotiations will have to start ALL over again to approve your offer price. If you're really interested in closing escrow on this home, and if the asking price is reasonable, You should submit a full priced offer and keep your fingers crossed! Good Luck & Happy House Hunting!
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For Sale: $679,088
For Sale: $677,360
For Sale: $676,575