It all depends on local market

It's not uncommon that short sales are priced 10% below regular equity sales in many places. That's the discount a buyer get for the complexity and time to wait for SS.

However, in "hot" markets, because of the quick drop of bank REO or SS property supply, the SS prices are getting closer to those of regular sales, especially when a bidding war occur.

You also need to look as the SS listing price.

How aggressive you are depends on how badly you want the deal.