I won an auction, but I changed my mind. So now what?
Any bid on eBay is a binding contract and once you have won a particular auction, you must pay for that item and accept delivery of the product. However, you could try to contact the seller and ask them if you can get out of the auction. If you are really lucky, the seller will let you get out of the contract and may re-list the item again. But this happens in very rare cases.
What is more likely to happen is that if you do not pay for your winning bid, the seller will report you to eBay. You will be categorized as a ‘non paying bidder’ by eBay. The sellers do not do this simply to create negative feedback for you, but this is the only way for them to recover the various expenses that have been spent on account of the auction that you have won. These expenses include the fees that eBay charges the sellers for listing an item, as well as the final value fees.
In addition to reporting you, the seller is most likely to block you from bidding on any further auctions that they put up on eBay. A negative feedback from the seller is also a given in such cases. eBay reserves the right to terminate your membership if you acquire a negative rating of -3. Thus, in order to not be classified as a non paying bidder and have your membership cancelled, you should be ready to make payment once you have won an eBay auction.