equity in a short sale

[Remco Kuyper]

I've put an offer on a short-sale close to the beach in Florida. The owner has 370k left on the note, the bank is asking 310K and Im offered 270K. The appraisal is being done but I estimate the house to be worth around 320K.

Is it possible to get a mortgage for 280K(270K for the house, 10K for the closing costs) if the house is worth over 300K?

Or Would I have to close with a 270K mortgage and then refinance for more?

I plan on living in this house and keeping it long term.

I realize that the market is still going down, but I would have a 30/40K net. Any feedback is welcome.