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There are laws that regulate auctions. Ebay is no different.
When a seller lists an item with no reserve it's the "offer" part of a contract. When a buyer bids, it's the "acceptance" part of a contract. When the terms of the auction are met, the seller and the buyer are bound by law to complete the transaction.
That was told to me by a lawyer that specializes in law pertaining to auctions.

The time for a seller to change his mind is before the auction ends. Once an unreserved auction ends with bids(or reserve met), seller and buyer have a contract any using a lawyer to enforce the contract is fair game.