Withdraw Auction Bid after hammer

S

sfgolf

Guest
I was the highest bidder on a diamond ring at an auction room on an item yesterday.

I've talked it over with my financee since and we feel the price is beyond our budget and would like to withdraw our bid.

We have not paid any money or signed a contract.
We did give our contact details (name, address, phone number) when getting a bidding number at the auction, and have 10 days to pay for the item.

I was planning on calling the auction house to cancel my bid.

Bad from I know, but we feel it is the prudent decision to make.

I'm sure it will annoy the auctioneer and seller but does anybody know if I'm in way bound by my bid or there is anything I need to watch for before cancelling.
 
Legally, once the hammer falls you have already entered a contract to buy. You cannot just cancel that.

You might be able to persuade them to not bind you to the contract but at this stage you are bound to purchasing.
 
Talk to the auctioneer, they may allow you to withdraw, although it is yours legally.
 
you often pay a fee to get a bidding number, if you dont pay for what you buy they keep the fee. unfortunetly you cant get blood out of a turnip and if you cant pay you cant pay.
 
OP never said they couldn't pay, rather that they had changed their mind. They should never have bid in the first place.
 
You must log in or register to reply here.
Back
Top