You could have just declined the offer and asked the seller to put it up for bid again, and that you would be involved in the bidding, but are uncomfortable with the bid price as it is set right now.
If it was just between you and the other guy up at $410, there's no guarantee there wouldn't have been somebody in there between $330 and $410 that were blocked out by the higher bidding, or had a lower snipe rejected.
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