Here's another scenario ...Not too long ago I received a second-chance offer on an item I had bid on. The seller included a note saying that he/she hadn't heard from the winning bidder, and asked if I was still interested. It had been a week or two since the auction ended, so I didn't remember exactly what the auction was for, so I went through my ebay to click on the item. It said my second-chance offer had expired...yet the email said it was good for 24 hours, and I clicked the item just a few minutes after receiving the email.

??Did the offer get hung up in cyber-space for a day? ?Did the original buyer finally get in touch with the seller (in which case I would think the seller should have been obligated to give me first chance at the second chance offer, but might have feared negative feedback)? ?Did the seller change his/her mind? Who knows...

And, as far as offers, If you list an item for $500 that's only worth $100 to me, I'm probably not going to make an offer. But I might...especially if the auction ends with no bids. Worst thing that can happen is you say "no". Best thing that can happen is I get an item that I want for a price that I like. We all know that sometimes ebay items are listed with inflated opening bid amounts.

If you saw a sample chip listed on ebay for $50, and you KNOW it should sell for around $20, wouldn't you offer $20?