I don't understand how this works at Sedo. So, if someone offers $75, for example, then the domain is up for auction for others to bid on? How long does the auction last? I can't find any information at Sedo.com on how this works.

Is this "Sedo auction" what happens if I go to a domain that is parked with Sedo and submit an offer to the owner? Obviously, this system is nice for a seller but if I was a buyer I would hate it. A buyer wants a domain, submits a private offer to the owner, and then has to sit around and wait as the domain goes up for public auction for anyone to take? Hmm... Am I missing something?