What to expect in purchasing a short sale SFR?

[Timothy Riley]

Im looking at a short sale SFR that i wouldn't mind purchasing. Im purchasing with cash but am short a few thousand of asking price. I don't feel the asking price is bad but would like to offer what I can afford now and to save a few bucks. I will be able to afford the regular expected fees that I'm aware of like Title, closing, insurance, and my attorney. With this type of sale what costs am i missing? How quick is the process of making one of these purchases? I can have more than enough in 45 days. Do I start the process now or hold off until the money is there? Is it ok to offer less or is that not the case when a short sale has a price tag already on it? Thanks, Tim