Not at all! If you have more than one of the product, you can send a second chance offer to as many people as you want. (from the people that bid of course)
The second chance offer that gets sent to them is basically a BUY IT NOW of the product, at the price that was their maximum bid. It's up to you if their highest bids are good enough and you're willing to let your item go at their highest bid.
I don't mind settling for a couple of £ less. If their bid is over my set target price I have in mind, then its fine.
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