Help needed - Buyer has backed out from paying for an item

[nirjharj]

Hi,

The buyer who won the bid has backed out of paying for the item.

he is saying he misunderstood. He wants me to cancel the transcation.

My problem is how do I do that as I can not open a dispute console for atleast 1 week. This will lead to wastage of time as I cannot relist that item again until that time.

Kindly advise as to what I can do next?

[nirjharj]

the buyer sent me a message to go to dispute console and cancel the transaction.

I have done that.

I think I have been a victim of fraud and that this buyer never intended to buy this item.

Can I take this person to court if this person decides to not respond to my message through the unpaid item process??