On eBay, one of the prominent ways to be on top of other purchasers of a selected item is through bidding. This is also a strategy initiated by a seller to enhance cost effectiveness of the product. Buyers need to place a bid on their desired item based on its market value and the best bidder will be selected by the seller. Here is the catch. If you want to win, place the maximum price that you are willing to spend for an item. Whoever wins get to order the item. However, before a buyer proceeds with placing a bid, he or she needs to thoroughly read the Terms and Conditions and the User Agreement information because eBay has quite a strict regulation on withdrawing bids.
Canceling or withdrawing a bid on eBay is called bid retraction, but doing so is not as easy as how you signed up for eBay. There are few conditions a withdrawing bidder needs to accomplish. Before I proceed with discussing how to withdraw a bid on eBay, let me first remind you that eBay is the world’s leading online marketplace since 1995, with over 100 million active users as of November 2011, which means to say that eBay is a legitimate business thus merits rightful subscribers, too. If you are not serious with your transaction, whether you are a seller or a buyer, do not waste your time on eBay.
Going back, I would like to reiterate that before you click the Place a Bid button, you have to be sure that you will proceed with buying the item if your bid has won. However, under a few unavoidable circumstances, some bidders decide to withdraw their bids. EBay accepts only three conditions for bid retraction.
1. A bidder accidentally entered the wrong bid amount due to a typographical error.
2. The seller modifies the description of the item after bidders entered their last bid and they dislike the changes done.
3. The bidder cannot contact the seller/there is no feedback or answer to posted questions.
If any of the three falls under your concern, you may access and fill out the bid retraction form found here http://cgi1.ebay.com/aw-cgi/eBayISAPI.dll?RetractBidShow. Again, before you proceed with your bid retraction, kindly read the Special Retraction Rules. If you are sure enough to withdraw, simply type in item number of auction in question, choose your explanation of retraction, and then click Retract Bid button. There are no monetary penalties in withdrawing bids but this activity will be counted on your feedback page, which may discourage your future sellers.