Originally Posted by Graham

AIUI a second chance offer gives you (and possibly you alone) the opportunity to buy the item at your highest bid price after a previous higher bidder has failed to pay for it.

As such it is a "Buy it now" offer, however I'm not sure if by "the original seller as put them up for sale again" you mean that he has *also* put them up as a general item as well as a Second Chance Offer only for you in which case, if I still wanted it I'd take the lower price!