FAQs
In many cases — yes. Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. It's important to note, however, that the withdrawal of one bid does not revive any previous bid. The auction will continue with the next highest bidder.
Can a bidder withdraw his bid? ›
It is generally permissible to withdrawn a bid due to honest mistakes or unavoidable circ*mstances, as long as the process is managed ethically and in line with the provisions set forth by the tendering authority.
Can I cancel an auction with bids? ›
Yes, you may end the listing by cancelling all bids. You may be charged a final value fee based on the amount of the highest bid, or you may sell the item to the highest bidder. If your listing isn't eligible to be ended early, you can contact any bidders to explain the situation and ask them to retract their bids.
Can you pull out of a sale at an auction? ›
This means that you can still withdraw your bid during the auction, but not once the hammer has fallen. If you place the highest bid and the hammer falls then you're in a legally binding contract with the seller. You must complete otherwise you'll be in breach of this contract.
What happens if you withdraw a bid? ›
Once you have withdrawn your bid, the auction will continue with the next highest bidder “in the lead”. Conditional or Modern Method online auctions are somewhat exempted from the above rule. In instances of this kind, the highest bidder is not legally bound to complete the sale.
Are auction bids legally binding? ›
If you win something at an auction, you are legally bound to pay the agreed price once the hammer falls. You're liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction).
When can a bidder modify or withdraw his bid? ›
The Bidder may modify its bid after it has been submitted; provided that the modification is received by the Procuring Entity prior to the deadline prescribed for submission and receipt of bids.
Can you rescind a bid? ›
In eBay jargon, bidders retract and sellers cancel. A seller can cancel any bid at any time before the auction ends. A bidder can retract their bid if the auction has more than 12 hour left. During the final 2 hour, a bid can be retracted only within an hour after being placed.
How do I retract someones bid? ›
If you need to cancel a bid:
- Go to Canceling bids placed on your listing - opens in new window or tab.
- Enter the item number, the username of the member whose bid you're canceling, and the reason you're canceling the bid.
- Select Submit.
Typically, once a bid has been placed, the auction cannot be cancelled unless there are exceptional circ*mstances, such as the item being damaged or lost.
First of all you cannot cancel a bid, only the Seller can do that so you need to message them and let them know you changed your mind and ask if they would Cancel your bid.
Can a buyer cancel a winning bid? ›
According to eBay, “ Whenever you place a bid, you're agreeing to buy the item if you win the auction.” You cannot cancel an eBay bid after winning. Yes, but you won't probably ever get a second chance.
Can you withdraw an auction bid? ›
In many situations, you can withdraw a bid. This is typically possible only before the auctioneer has announced an item as sold. This doesn't retract any other bids, however, so the auction will continue with the highest bids. Once you hear “Sold!” then the highest bidder and auctioneer have entered into a contract.
What is the right of withdrawal in an auction? ›
A seller is well within their rights to withdraw their property before the auction altogether if they have a change of circ*mstances, or a change of heart.
Can you back out of an auction after winning? ›
In the end, it is up to the Organization running the auction to decide whether to honor the request. If the winning bidder would like to back out after the close of the auction, you can offer the item to the next highest bidder, or close the item as Not Sold.
Can the seller retract a bid? ›
As a seller, you can cancel bids on eBay in some situations: when you agree to a buyer's request, when the item isn't available anymore, if you made an error in the listing, or if you're concerned the bidder might be fraudulent.
What are the reasons a contractor may decide to withdraw a bid? ›
Bids may be rescinded due to mutual mistake, fraud and unilateral mistake. Mutual mistake exists when the bid was provided based on a mistake by both parties that was so substantial that there is no “true meeting of the parties' minds” to form a contract.
What happens if there is only one bidder? ›
If there is only one bidder, unless the starting price is the same as the reserve, there's a fair chance that the property will not sell. However, some auction houses engage in a (completely legal) process called “off the wall” bidding.
