Go for it. Even on ebay or any other auction site you can back out from a winning auction. As a buyer, I no longer want it, as I do not see the product viable anymore. In a business, buyer is always right. I give a flying f**k about what you think
i would but it's not my auction
ebay huh?
using about.com as a quick google search http://ebay.about.com/od/frequentlyaskedquestion1/f/faq_backout.htm
Sometimes you'll bid on an item only to see it for sale in the Sunday paper at a lower price than your bid, or only to realize that you've already spent your grocery money for the month. In such cases, is it okay to back out?
Answer: No. Just as would be the case in a "live" auction, eBay auction bids are considered legal and binding on both bidder and seller. As a bidder, you must pay for the item and receive it if you win, and likewise, the seller must transfer ownerhship of the item to you and deliver it to you once you have paid for it as a winning bidder.
seems to describe this situation quite exact huh? you woke up and saw the item cheaper and backed out