New to FL and looking for Homes many great deals are offered as bank approved for short sale... the term is new to us... What's the process or risks associated with a Short Sale?

There are really no risks. Basically what short-sale means is that the bank is willing to sell the property for less than what the home owner owes at the time of the sale (or at the time the property was foreclosed on - if it's already bank-owned.)

There are some good deals to be had this way, but not every short-sale is a good deal. With the recent real estate climate many loans were 100% of the property value, then values tanked. So the bank HAS to take less than what they originally owed just to be competitive in the current market. That doesn't mean it's a "steal".

Did that make sense?

Yes, you work with a local real estate agent, they may know homes that are far behind in their payments. You make a offer on them that is less than what the mortgage is for, and then the lender decides if they will accept that offer or not.

The rest of the closing remains the same.