Hello Buyer101 and thanks for your question.
To be frank, the listing agent may, indeed have an offer on the home that is pending approval from the bank. The only way to know for certain, unfortunately, is to work with a Realtor and to see the comments on the listing. Many times what appears on the MLS "public site" is not the same as what we, as Realtors, see on the same listing.
Work with your agent to determine what is really happening with the home that you'd like to see and buy. Incidentally, your own agent can get you into the home too....you do not need to work with the listing agent to see the property if it is still available.
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA