HUBZU Questions (How does the pending bid structure work?)

[David A.]

Quick question about Hubzu - 

There's a property I'm interested in that I saw on MLS, and I just realized that it was on Hubzu. I went over to Hubzu, and see that it's "Highest & Best Period Ended" and that I can "Place Backup Offer". Question 1: What does this actually mean? Does it mean that they've accepted an offer, or they haven't gotten a satisfactory one, and are going to put it back up and re-start the auction after a certain period? 

When I follow the "Place Backup Offer" button, it gives me an automatic offer amount of about 64k, while the property is "listed" at around 100k. Question 2: Is 64k picking up as the highest bid previously placed on this house? I don't know if they do blind bids (highest bid submitted takes it) or if the actual bid price goes up with each individual offer. It says that there have been 12 bids (EDIT: Did it? I swear I saw that, but now I can't find it...). However, I do not know if this is "reset" to a lower number because the bidding period ended, or if this is where it was left off.

I'm definitely interested in the house, but won't be in it until the weekend. Question 3: Should I go ahead and place a "backup offer" now since it's a long weekend? If they accept my offer, will I be able to take the weekend to look it over before moving forward and free to decline, or will I have to immediately address this? Is there a very slim chance that my offer will be accepted? If I do, should I place it at 64k where it's automatically filling it in for me, or something more competitive? This house is in a 200k area, and looks decent but not great from the outside, so I'm not sure if it's a disaster inside or what. It supposedly qualifies for a conventional loan, so...

Thanks in advance, guys!