After bidding on an auction item on eBay, you’re having second thoughts and are now wondering how to cancel a bid on eBay. Is this even possible?
As per eBay’s rules, transactions are legally binding. If you bid on an item and end up the winner, you’re obligated to carry through with the purchase. That’s why it’s so important not to act in haste and put careful thought into whether or not to make a bid.
That said, there may be a way to back out of your bid without repercussions. Let’s go into a little more detail about how to cancel a bid on eBay.
How To Cancel A Bid On eBay As A Buyer
Cancelling a bid as a buyer is referred to as “retracting” on eBay. While eBay heavily discourages retractions, they’re still possible. Follow these steps to retract a bid on eBay:
- Go to the buyer’s bid cancellation page.
- Click the ‘Get started’ button.
- Select the bid you want to retract. You may need to enter the item number and the seller’s username.
- Input your reason for cancelling your bid
- Click ‘Retract’
Your bid will be cancelled as long as you meet eBay’s criteria. If not, you won’t be able to back out of your bid and will have to go through with the transaction, unless someone outbids you.
Reasons You Can Cancel A Bid On eBay Without Penalty
You may be able to cancel your bid on eBay in any of the following circumstances:
- The seller drastically changed the item description.
- You made an error on the bid amount. For instance, you intended to bid $50 but accidentally entered an extra zero and inadvertently bid $500.
- You’re unable to reach the seller. For instance, you emailed the seller and it was not delivered, or you called the seller and the telephone number is not in service.
When Can You Cancel A Bid On eBay?
Not only do you have to make sure that your reason to cancel the bid is valid, but you also have to ensure that your bid retraction takes place within a specific timeframe.
You can cancel a bid on eBay if there are 12 hours or more left in the auction. If there are less than 12 hours left in the auction, you’ll only be able to retract your last bid, as long as it’s been less than 1 hour since you made it. Again, you may have to resort to asking the seller directly to have your bid removed.
Can You Ask The Seller To Reject Your Bid?
You can reach out to the seller and ask them to manually remove your bid. If the seller believes you have a good enough reason, they may agree to cancel your bid. But the seller reserves the right to refuse to allow a bid retraction.
Will Cancelling A Bid On eBay Affect My Credit?
No, placing bids and cancelling bids on eBay will not affect your credit. However, if you place a bid on eBay and pay by credit card, that could potentially hurt your credit scores. That is if you’re unable to afford the bid you placed. If you struggle to repay the charge made to your credit card, your credit may be affected.
If you purchased a listing that is beyond your budget, you can try spreading the payments using a personal loan. While it’s not the solution, it can help you keep out of debt and reduce your month-to-month expenses.
Can You Cancel Non-Binding Bids?
When it comes to cancelling a bid on eBay, the type of bid made determines how easy or difficult it may be to back out. More specifically, non-binding bids may be easier to cancel.
What Are Considered Non-Binding Bids?
Most bids are considered binding. That means if you win an auction, you’re required to go through with the purchase transaction.
However, sometimes bids are considered ‘non-binding’, which means there’s no legal contract between the buyer and seller. This may be the case for items listed under specific categories, such as real estate and vehicles. When you make a bid on an item that falls under one of these categories, you won’t be bound to any formal contract if you win the auction.
For example, if you bid on a real estate property and come out the winner. You may not have to commit to the purchase if you discover that there’s a significant issue with the property that may deem it unsafe for habitation.
What Are Considered Binding Bids?
A binding bid is one that requires the buyer to commit to the transaction. On eBay, most categories of items fall under the binding category, with the exception of real estate and vehicles, as noted earlier.
For instance, if you bid on a pair of shoes and win the auction, you’re bound to the transaction. Even if you discover that the shoes aren’t the right size, you won’t be able to cancel the bid unless it falls under the reasons mentioned above.
Since shoes fall under the binding category, you’ll need to pay for the shoes.
Why You Cannot Cancel A Bid On eBay?
In an effort to ensure a fair marketplace, eBay has rules in place about when you can and cannot retract a bid. Anyone who retracts a bid without a good reason could put them at an unfair advantage.
For instance, you’re not allowed to retract a bid for the following reasons:
- You changed your mind
- You want to discover the seller’s hidden reserve price
- You want to find out what another competing bidder’s maximum bid price is
- You bid on several items but only wanted one
- You want to retract a bid on trading cards (which is a category that does not allow bid retractions)
Any reason to retract a bid other than the ones listed earlier — such as the seller altering the description or being unreachable — is considered invalid and will not be permitted.
Can You Cancel A Bid On eBay As A Seller?
Sellers are discouraged from cancelling bids in an effort to maintain a positive experience for buyers. That said, there are some instances when a seller may be able to cancel a bid, including the following:
- The bidder asks to retract their bid
- You must end the listing early because the item is not available anymore
- There is a mistake in the listing
- You’re concerned the bid may be from a fraudulent buyer
Once the seller cancels a bid, it cannot be reinstated.
How To Cancel A Bid On eBay As A Seller
If you’re a seller and must cancel a bid, follow these steps:
- Go to ‘Cancelling bids’ on your listing
- Enter the item number
- Enter the username of the bidder you want to cancel
- Enter the reason for cancelling the bid
- Click ‘Submit’
How To Avoid Cancelling A Bid On eBay
The process of retracting a bid can be stressful, especially if you’re not sure if your reason for cancelling the bid may not meet eBay’s standards. To avoid being put in this position in the first place, consider the following tips:
Make Sure You Can Afford The Item
Consider your budget before bidding. It can be beneficial to go into an auction with a figure that you will not go over when bidding. Bidding without a budget can lead to debt, especially if you’re someone who bids a lot and on expensive items. Also before you place a bid, always ask yourself if you can really afford it, even if it’s a good deal.
Read The Description
It’s not uncommon for buyers to want to retract a bid because they discover a detail about the product that doesn’t meet their needs. That’s why it’s so important to thoroughly read the description. You might miss a specific detail about an item if you don’t carefully review the description in detail.
Compare Other Items
Before you bid on an item, take a quick look at other similar products on eBay to see how they compare in quality and price. Don’t rush into a bid. Instead, scope out all comparable items first.
Final Thoughts On Cancelling A Bid On eBay
eBay is a great place to find various items for a great price. But sometimes, errors can happen while making a bid. If you’re wondering if you can cancel a bid on eBay, there is. While there is a way to cancel your bid, you’ll need to make sure your reason for bid retraction is a valid one.
