I didn't know that most auctions even had a reserve price option?

They start at whatever the seller lists them at and go from there.

I have had quite a few second chance offers.

Some were definitely sellers who had more than one of the item, because they were new items.

In a couple of other cases, the sellers contacted me and said the winning buyer had sent a message to say they no longer wanted the item, so it was now available to me as a second chance offer. Often the second chance offer was in the next day, although sometimes a couple of days out.

To be honest, in a couple of cases i wasn't even sure what the second chance offer was for till i clicked on the listing because once you lose an auction or even get outbid, you tend to forget all about it.

I usually take them up on second chance offers.

I would say most of the sellers are genuine.

They are lucky though if a buyer lets them know quickly that payment won't be happening. From what i have read, a few buyers are just never heard from again after bidding and the seller has to wait quite a while to sort it out. If that happened, i don't think a second chance offer would work so well a couple of weeks down the track.

Second chance offers can vary in that sellers can set how long the offer is open for-mine have varied between 24 hours and 3 days. 24 hours isn't long as a buyer may not check their account daily. But on the other hand, it depends on how long a seller wants to hold up the relisting process too as a second chance offer may not be taken up or even replied to.