I39;m selling items on eBay through the auction format
Answer1:You dont have to cancel the auction. You can just tell him to bid that amount. The good thing about this is that if he is bidding higher than the current bids, then that is an indication that the item can sell for more!Another option is to contact the buyer and tell him to send you the money via PayPal and as soon as you receive it you will cancel the auction and send him the item. This second option is against ebay policy but i have done it on more than one occasion.
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