Often, the winning bidder will not pay for some reason or another, or he/she will decide at the last minute that he/she didn't want the item. So, the seller can offer a Second Chance Offer to the second highest bidder.

Beware, however, that this allows some sellers to use shill bidders to crank up the final value (and thus, the second highest bid) to squeeze every last bit out of the intended mark (you, the 2nd highest bidder).

Still, I think it's a good practice and allows the seller to sell for an acceptable price instead of relisting the item.

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