Making an offer on a "Pending" house?

[Derek Robertson]

Howdy, 

In Seattle area and found a house that need complete rehab, its only been listed on the mls for 7 days and has an offer pending already. I know the market is fast but would it hurt me to offer the full asking price as a back up for the seller?

I am 21 with a savings for 18 percent of the asking price (roughly 209k) and could meet conventional mortgage lending requirements

Thanks guys