Can You Withdraw an Auction Bid? - Bodnar's Auction | bodnarsauction.com (2024)

FAQs

Can auction bids be withdrawn? ›

In many cases — yes. Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. It's important to note, however, that the withdrawal of one bid does not revive any previous bid. The auction will continue with the next highest bidder.

In the end, it is up to the Organization running the auction to decide whether to honor the request. If the winning bidder would like to back out after the close of the auction, you can offer the item to the next highest bidder, or close the item as Not Sold.

Yes, you may end the listing by cancelling all bids. You may be charged a final value fee based on the amount of the highest bid, or you may sell the item to the highest bidder. If your listing isn't eligible to be ended early, you can contact any bidders to explain the situation and ask them to retract their bids.

You can negotiate the conditions of a contract of sale, it just has to be finalised before auction day. It's very important to understand there is no cooling-off period or time to change your mind about the sale if you're the successful bidder at an auction.

Yes. By law the bidder may retract his bid… but it has to done PRIOR to the “fall of the hammer”. In other words before the auction, of this item is over, or the auctioneer says “SOLD!”.

Your Bid or Purchase is a Contract

When you place a bid on an online auction item, you enter into a legally binding contract to purchase the item from the seller if you are the winning bidder. You are the winning bidder if your bid is the highest bid at Auction Close and your bid is accepted by the seller.

When the hammer falls in an auction room, it represents an exchange of a binding contract between the seller and the buyer. It is too late for either party to change their minds, and the sale is required to proceed in accordance with the contractual terms and at the price that was concluded when the hammer fell.

Buyers can pull out after an auction, but it comes with heavy penalties. This is because they'll be in breach of contract. They'll lose the deposit they paid (which is normally 10% of the purchase price), and may be liable for additional costs too such as the seller's fees, and other penalties.

By bidding on an item, you obligate yourself to pay for the item if you win it, even if you decide you no longer want it. Only bid on items you are serious about purchasing.

Yes, you can cancel an auction after it's been bid on, but it depends on the auction platform's policies. Some platforms allow cancellation under certain conditions like errors in listing or item availability. However, cancelling may result in penalties or negative feedback.

Can you refuse an auction bid? ›

Under auction law, asking for bids is asking for offers, which the seller or the seller's agent remains free to reject prior to acceptance.

If your bid is a live bid... if you've accidentally clicked the bid button during a live auction you will need to contact the auction house as soon as possible to explain what has happened as the cancellation of the sale is at the discretion of the auctioneer.

Good to know

Only bids in winning status can be cancelled. Bids in outbid status cannot be cancelled, as there is no need to withdraw a bid when a higher bid has negated it.

(2) A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner; and until the announcement is made any bidder may retract his bid. Once you have withdrawn your bid, the auction will continue with the next highest bidder “in the lead”.

In the case where the item proved to be unsafe, caused damage or if the auction house has been negligent or made a false statement about the item, you might be entitled to compensation. Contact the auction house, showing your proof of purchase. With damage caused or unsafe goods, talk to a lawyer.

This means that you can still withdraw your bid during the auction, but not once the hammer has fallen. If you place the highest bid and the hammer falls then you're in a legally binding contract with the seller. You must complete otherwise you'll be in breach of this contract.

Whenever you place a bid, you're agreeing to buy the item if you win the auction. However, in some situations you can retract your bid. Keep in mind that you can't always retract a bid once it's made. Bids on items listed in Trading Cards categories, for example, can't be retracted.

This means that sales are legally binding once the hammer falls. But before then it's different. A seller is well within their rights to withdraw their property before the auction altogether if they have a change of circ*mstances, or a change of heart.