We’re all human, and we all make mistakes. Luckily for everyone, eBay members are allowed to retract bids under certain circumstances. You may retract your bid if you meet one of the following criteria:
You accidentally typed the wrong bid amount: Say you typed $900 but you meant $9.00. Oops. In a case like this, you can retract the bid, but you’d better rebid the proper amount (that original $9.00) immediately, or you may be in violation of eBay’s policies.
The seller has added information to the item description that changes the value of the item considerably: The bull that was let loose in the seller’s shop has changed the mint condition of the Ming vase you just bid on? No problem.
You can’t reach the seller through eBay’s e-mail or through the telephone number you got from eBay’s find members area: Seller gone AWOL and you have a question about an item you’ve bid on? You can use eBay’s e-mail system by clicking Ask the Seller a Question in the Seller Information box on the auction page. Or to get the seller’s telephone number, click the Advanced Search link (at the top-right corner of most eBay pages) and then click the Find a Member link (on the left side of the page). Next, input your transaction number and the seller’s user ID. After checking to make sure that you’ve begun a transaction with this person, the good people at eBay will send the seller’s telephone number in an e-mail message to your registered e-mail address. Your phone number will also be e-mailed to the seller.
Here are a couple of additional restrictions to retracting bids:
You can retract a bid only if it was placed during the last 12 hours of an auction. If you bid more than once in the last 12 hours of the same auction, you can retract it within one hour of placing it. In this case, only that bid will be retracted; any other bid placed before the last 12 hours of the listing remains valid.
When you retract a bid because of a bidding error, you wipe out any of your previous bids in the auction. To reinstate yourself as a bidder, you must bid again immediately.
If you want to retract your bid within the last 12 hours of the auction and you placed the bid before the last 12 hours, you must send an e-mail to the seller asking him or her to cancel your bid. It is up to the seller whether to cancel your bid. A bid retraction isn’t a guarantee that you will get out of purchasing the item. Sometimes, sellers simply don’t have the opportunity or time to cancel a bid. That means you have to buy the item.
If you ever need to, you can retract your bid with eBay's Bid Retraction form. You can also find your way to the Bid Retraction form by clicking the Buying Related links on your My eBay All Buying page.
Remember that every time you retract a bid, it appears in the feedback area or your eBay feedback page. eBay vigorously investigates members who abuse bid retractions. Too many bid retractions and you may find yourself suspended from the system.
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Source:http://www.dummies.com/how-to/content/retracting-your-ebay-bid-in-an-emergency.html
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