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Second chance offers can oocur for a number of reasons. The main two reasons are that the person who won the bid has contacted the seller and said they don't want to buy the item or the seller has looked at the profile of the winning bidder and seen that they have a very low feedback rating and do not want to sell them the item. The other reason can be that the person selling the item has more than one of the particular item. So, a second chance offer can be sent to you by the seller when these situations have occured and it gives you a chance to get the item for the price you were bidding at. However, there is no obligation to accept it if you do not wish to or have found the item somewhere else are losing the bid. Make sure that the second chance offer is genuine though, because some dodgy sellers can send them to get more money

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Q: What are second chance offers on eBay?
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