You are not able to cancel your bid once you have placed it.
The reason is most likely that you should not be able to ruin actions by either making someone unable to sell their house due to the revoking of the placed bids. Or getting a house for a low price by first placing a bid on a house with one character and then putting up a very large sum with another character and then just before the auction ends revoke the large offer such that it reverts back to the fist low offer./Utos
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