Structuring a Deal on a Short Sale

[Carl Lee]

Hello BP Community!

Since this is my first short sale, I thought I'd poll all of you for some help.

Here's what we have going on: the cash I have available to me is less than the amount listed, but I believe I can move the property quickly or have it rented out within months--after a couple of repairs. 

So I have a couple of questions:

How likely is the seller/bank likely to lower the price? How long is a typical hold nowadays? If I'm paying in cash, what can I expect in closing cost?

Any help would be greatly appreciated!