You are correct, site will be sold to the highest bidder, if i dont get anymore bids the site will go for the $650.
The $1200 offer i had was for the domain itself, and that was before the site went up, i turned it down like a dummy, b/c the site was almost complete, and wanted to see if i could get more with the site. Greed will kill ya, in any case i tried contacting the guy and havent heard back from him…..