Short answer: yes
Long answer: Talk to the editor. Until you have an offer in hand it doesn’t mean they’re going to offer. (If they do offer, don’t say yes. Say thank you and that you’ll talk it over with your people and get back to them. or something like that).
If you can’t get an agent even with an offer, get an entertainment attorney who knows publishing to negotiate your contract.
When querying agents, tell them you have an offer if and when you get it. Same with doing revisions for an editor. Tell them who the editor is and what house they work for. (Obviously an agent is going to be more intrigued by a big six editor/house than a small press).
