I would contact the seller now and explain your 
situation. Maybe he or she will be sympathetic to 
what happened and cancel your bid for you. I 
think that would be the most polite thing to do 
than try to get out of the auction later after 
fees have been incurred for the seller. Also it 
would be a bit unfair to other potential buyers 
who shouldn't have to pay a higher bid if you 
only waited to be outbid.

Good luck,

Wendy