Can I make an offer on a home that is listed as a short sale that is below the price listed for that home?

I am currently looking for a home to buy, I am a first time home buyer, so I'm pretty new at this all. I have found a place that I like, and it is listed at the top of the price range I am willing to pay for my first home. It's listing price is $125,000. It is listed as a short sale property. My question is this: Can I make an offer lower than this price, or is that short sale listed price pretty much the lowest price this home would be available at? If I can what would be an acceptable price to offer for this home? It is a very nice place, remodeled with a garage and the comparable home's surrounding it are valued at much more than this place is listed at. Thanks in advance for any advice.