I had the same thing happen to me.
Said my snipe was "Ready" but didn't happen.
Status Summary: Ready
Your snipe could not be placed because of the reason above
Click here to see eBay's response to your snipe
Suggestion: You might want to consider using Auction Sniper Bid Groups. With Bid Groups, you can bid on the same item from multiple sellers -- your bids will automatically be placed on each successive auction until you win one. This can help you avoid the disappointment of losing on an item you really want!