I have been inboxed with an offer for an item which i'm happy to accept but it has 1 bid on it, what should i do next?
First cancel the current bid, then revise the listing to a BIN at the price that has been offered.
The buyer whose bid you cancelled isn't likely to return. The person offering you more money isn't obliged to buy.
I bid, I win, I pay - you deliver
Ask them to bid with the others. You would need to cancel the bid and end early to relist which is naff selling practice and totally unfair to the current bidder
Much fairer to let the auction run now
Invite them to bid with everyone else, "A bird in the hand etc."
If you end the auction, you will lose the bidder you have, and your buyer might let you down.