on 04-06-2013 07:30 PM
You can ask the seller to cancel the bid.
Some sellers will and some sellers won't. It is up to them.
If you have already won the auction you will still have to ask the seller if he will cancel it. Some sellers will and some sellers won't. It is up to them. If they do happen to cancel the transaction, they will send a cancel transaction. Agree to it so the seller can get his fees back and close the transaction. The CT has no effect on you.
Please, be careful what you bid or Buy it Now. It is a binding contract with the seller. If you find items you may want to bid on, put them in your Watch List until you are definitely sure you want to bid on the item.
When you win an item and don't pay, the seller can file an Unpaid Item dispute against you after 4 days. Then you have four days to pay. If you do not pay, you will get a strike against your account. Two strikes make it difficult to buy on ebay because a lot of sellers have their preferences set to reject bids from buyers with two strikes. It takes a year for a strike to go off your account.