Need experienced short sale advice

[Bob Hines]

I've focused on REO and have never done a short sale. So with no experience, I would like to ask those that have been involved with short sales about how they generally work.

Details: 2 family home in a good area that I thought was interesting a couple of months ago listed at $69,900. I deleted it off of my watch list because it was listed as a contingent short sale. Every time I browsed the listings I would look at it because it's a good price, good condition and in a good location only to realize again that it is a contingent short sale. The property just got relisted last night as the deal fell through and is now listed at $63,200 and 335 DOM. In the relisting, the agent has the following language, "Short sale APPROVED! Looking for QUICK CLOSE." (caps from the listing)

My questions:
1. What does the 'approved' mean with the price? Is it approved for $63,200 as that was the deal that fell apart and there is not much chance of a lower price or can I negotiate a lower offer now that that deal fell apart?

2. What does 'quick close' mean? Is that the owner wanting to close before the imminent foreclosure or is it the bank that finally worked through the short sale process wanting to go ahead and finish the short sale? Do banks care how long the process has gone on?

My hope is that I can offer $50k-$55k in cash and close by the end of the year and get the bank to accept. In your experience, do I have much chance of this?