AW Daily - Tips & Tactics - During the Auction: Backing Out of a Bid

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Uh-oh. You've bid in an auction but can no longer honor your commitment. For whatever reason, you have to back out of your high bid. The seller's not going to be happy, but what choice do you have? Read on to see what you can do and what you can expect if your bid goes bad.

How Did I Get Here?
Most often when bidders have to bow out, it's for one of the following reasons:

An unexpected disaster or financial hardship rears its ugly head.

It's a mistake: You bid $1,000 when you really meant to bid $100.

A seller significantly changes an auction's description after you have bid.

You just "changed your mind," OK? (No, not OK, but it does happen.)

The person-to-person venues usually allow bid retractions prior to an auction's end. Of course, the best way to avoid these situations is to bid carefully and wisely. Research an item, query the seller, and be sure you can cover the financial commitment before you bid. You'll save everyone headaches in the long run.

But I've Already Bid. Now What?
If you're a high bidder and must retract, here's what you can do:

If your bid was a typo or the seller made a significant change to the auction, retract your bid and provide a clear explanation. You shouldn't have to deal with a seller's backlash for pulling out in these generally acceptable situations, provided it doesn't smack of bid shielding.

If true misfortune has befallen you, contact the seller immediately and give an honest explanation. Chances are the seller will empathize without reprisal. Since it's still in progress, the auction can attract other bidders. Retract your bid right away and include a good explanation. Auction sites will forgive the occasional retraction, but an ongoing history of backing out could result in your getting booted--NARU'd, friend.

But if you've simply "changed your mind," you could be stuck. Don't expect the seller to be very happy about your backpedaling--you should have carefully considered this before you clicked your mouse. Bidders who change their minds are regarded as irresponsible and amateurish. Don't let that be you. But if you're in this quandary, explain the situation quickly and honestly, and beg for forgiveness. Maybe, just maybe, the seller will spare you.

If It's Over, Am I Done For?
If the auction's already over and you've placed a bid you can't honor, communicate pronto! The seller might be able to work with the next highest bidder to salvage the deal, though that seller's going to be disappointed with you--expect that. Your best chance to save face is to offer to pay the seller's listing and final value fees--that's the least you should do. This gesture might gain you a bit of favor and a possible pardon. If the seller can recover some fees from the venue, then that might also aid in his or her forgiveness.

Face the Music
But what if the seller's mighty angry? Can they lob a neg your way? You bet. Face it--you're a deadbeat bidder, no bones about it. You'd hate to have your big sale go south when a bidder bumbles; the same goes for all the other hardworking auctioneers out there. If you wind up earning neg, understand that the seller is exercising his or her rightful prerogative. Post a response to the neg and humbly explain the situation. Others who read the exchange will be able to assess for themselves whether you were dealt a bad card or you're the bad card to be dealt with.

Can You Ever Forgive Me?
If ever an ill fate visits you in the midst of your bidding, don't give up all hope and fear banishment. The auction community recognizes that "stuff happens." Just bid responsibly and communicate quickly, honestly, and sincerely if a problem arises. Provided you don't throw out a transparent volley of excuses, you'll most likely get off unscathed and will be granted another chance.

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