Basically to me it sounds like the agent and/or the owners are hoping you will put in a higher/better offer than what the other people have offered, so are holding off on accepting the current offer.
I'd put in an offer of what you can afford and what you think its worth. We usually start with 10% below the minimum asking price.
When we were in a similar situation we put in an offer, and the owners accepted with no counter offer. The current offer on the house was higher than ours, but our financial situation made our offer look best, it was cash vs subject to sale with a bit of finance. The owners needed to sell fast so were more than happy to accept our cash offer over the subject to sale offer.
I doubt the agent or owners will divulge in much information regarding the current offer, but you can only try asking I suppose.
I always say go with what you can afford and you think it's worth. It's not always the best move tactically to go in lower, because it could block you out of the equation if there are higher bidders.
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