Can I change my mind after making a successful bid?
When the virtual hammer falls, 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. Anyone bidding on an auction needs to remember that the winning bidder exchanges contracts straight away, and if you are unsure about buying the property at any time, then you are advised not to bid.