Cancelled bids - when?

Question
Hello everyone-
I have just recently started selling things on eBay regularly. I sell about 25-30 items a month, which is just enough that I have started to come across some really unsavory buyers. NPB, scammers, the works.
I used to not care who bid on my things, when I would sell something here and there. I didn't even look at feedback.
My question is:
For those of you who have policies on cancelling bids from buyers with negative feedback - what is your policy?
Cancel if they have recent negative feedback? A certain percentage of negative feedback?
I have a high-dollar item for sale right now, and the first and only bid is from someone who has about 30 feedbacks from sellers, 4 of which are negative. And they're real nasty - things like, "Stay away from this buyer, they don't read the rules." etc. Vague, but nasty.
I realize there is no hard and fast rule on this, but can anyone offer some advice?

Answer
I have never cancelled a bid yet. I have had a small percentage of NPB's, but not all that many. I have had a few that have terrific feedback that I wished I had never heard of. They were total nightmares from hades. That was when I used to leave fb as soon as they paid for the item. Now I wait until they have paid and the item has been received by the buyer. I ask them to please leave fb if they are satisfied with the item, and we will then respond in kind, ..... and if they are not satisfied, to please contact us immediately so that we can work with them to resolve any problems.
I have had NPB's with folks with 99.9% pos fb, So, there sems to be no rhyme nor reason to the problems with bad bidders.
It is really a difficult call to make.
LL

Answer
I very rarely check bidder feedback. Of course, I don't have very many high dollar items either.
About the only times I will check is if an item is going for 2-3 times what I think it is worth or if the feedback number is negative. Otherwise it isn't really worth the time, especially on dial up.

Answer
I've taken advantage of the new bidder block options in My eBay Preferences.
I now block all bidders who:
- Have a feedback rating of -2 or worse
and/or
- Have received Unpaid Item strikes from more than 1 seller in the last 30 days
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