If you get an email offer on an item you have listed as Buy It Now without a Best Offer option, the eBay system will let you respond with an offer to the prospective buyer which I believe is good for 48 hours. While you are committed to sell if he accepts during that time, he doesn't have the exclusive right to buy for that period, you are free to accept or extend other offers or someone could Buy It Now. The first buyer to commit gets your item and all pending offers are voided.
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