Bid carefully - retractions are rarely allowed
When you are the winning bidder, you are obligated to pay the high-bid price for the item. As a rule, the retracting of bids is not allowed on eBay.
Remember that all bids on eBay are binding, except:
Sales of items that are prohibited by law or by eBay's User Agreement
Exceptional Circumstances Only
There are, however, a few exceptional circumstances under which you may retract a bid. These are if:
You accidentally entered the wrong bid amount. For instance, you bid Rs. 99.50 instead of Rs. 9.50. (Changing your mind is not considered a typing error.)
Note: If this occurs you must re-enter the correct bid amount immediately after you retract your bid. Otherwise the retraction will be in violation of eBay's policy and could result in your suspension.
The description of an item you have bid on has changed significantly.
You can't reach the seller. This means that you tried calling the seller but the seller's phone number doesn't work, or you have tried emailing a message to the seller and it comes back undeliverable.
There are special rules about retracting bids, depending on when you originally placed the bid.
If you place a bid before the last 12 hours of the auction: You may retract that bid before the last 12 hours of the auction, if your situation meets the above description of exceptional circumstances. You will not be allowed to retract a bid during the last 12 hours of the auction.
When you retract a bid before the last 12 hours of an auction: You will eliminate all bids you have placed in that auction. If you are correcting a bid error, you will have to bid again.
If you place a bid during the last 12 hours of the auction: You may retract the bid only within one hour after placing the bid (and if your situation meets eBay's exceptional circumstances description).
When you retract a bid within the last 12 hours of the listing: You will eliminate only the most recent bid you placed. Bids you placed prior to the last 12 hours will not be retracted.
If you are not allowed to retract your bid during the last 12 hours of the auction, you may contact the seller to request that your bid be cancelled. The seller will have the discretion whether to cancel your bid.
Your total number of bid retractions in the past six months is displayed in your Feedback Profile.
eBay will thoroughly investigate bid retractions. Abuse of this feature may result in the suspension of your account. Bids retracted within the last 24 hours of a listing can be viewed as bid shielding, which is a serious violation of our policy.
How To Retract a Bid
To retract a bid, use the Bid Retraction form.
Note: There is no equivalent for bid retraction in Buy It Now listings. Once you've confirmed your purchase, you are obligated to pay the seller.