Retracting a bid is a huge no-no. Nothing can ruin your trading career more quickly than backing out on your bids. Why? This business runs on reputation and if you get a bad one, you will be damaged, possibly beyond repair. Many buyers won’t do business with you. In the worst case, you can be suspended from the auction site.
So it’s important to know the “ins and outs” of withdrawing a bid...1) Acceptable grounds for retraction -- Retracting a bid is so serious that I strongly advise you not to do it unless under extreme circumstances. Here are a few “sort-of” acceptable “grounds”...
i) You accidentally enter a wrong bid amount. For instance, you bid $99.50 instead of $9.95. However, if you retract a bid because you “meant” to bid something else -- you bid $29.95 but meant to bid $25.95 -- you won’t get any sympathy and you will be judged harshly by your fellow auctioneers.
ii) The item description of something you’re bidding on has changed a lot. Sellers will sometimes add to the description of an item. If this changes, bidders will sometimes withdraw their bids.
iii) You cannot verify the seller’s identity, or she won’t respond to any of your questions. Even though this is sometimes accepted by sites as a legitimate excuse, you really should figure all this out before bidding, not after.
2) Unacceptable grounds for retraction -- There is no sympathy if…a) You change your mind about the item. b) You decide you can’t really afford it. c) You bid a little higher than you meant to.
Make your decisions clearly before you bid.3) Failure to comply -- “They can’t make me buy it”... this statement is quite true. However, watch your step here. Auctions sites consider a bid a contract and expect the bidder to fill out a form explaining the reason for the withdrawal. If you absolutely must retract, do it before the auction is over to reduce the damage. It is unfair to leave the seller hanging after the auction is over. Even if your explanation is accepted, it will go into your feedback profile and make future sellers and buyers wary of dealing with you.
A seller may always refuse to sell to any particular person, and needs no reason for her refusal. You might find this happening to you a lot if you decide to retract your bids.
Twice I have bid on items and then found them elsewhere at a cheaper price. I decided to honor my more expensive bids. In one case, I was outbid and got off the hook. Phew! The other time, I just paid the extra and vowed to do better research in the future. I am not telling you this story to be nominated for sainthood! It’s just smart business practice.
Now let’s see where we can apply our bidding strategies…