[thecatspajamas]

For what it's worth, the seller CANNOT change the title or description of an auction on eBay once there are bids on it. They can add to the description, but not alter what was there when the bid(s) were placed.

Ebay won't penalize you for retracting one bid, and you have already reached out to the seller to explain why you're doing so. Assuming they agree with you that there is an error, it would probably be in their best interest to pull the listing altogether, but you are not bound to complete the transaction simply because they have not proactively cancelled your bid for you. Better to do so before the end of the auction, since you will not be able to retract your bid in the final hours.

Another consideration is that if by chance they do not agree that an error has been made, or don't care, the seller may simply be waiting to see if someone else tops your bid, saving them the trouble of cancelling your bid, and resulting in a higher final bid overall.