diff --git a/lbrynet/daemon/Daemon.py b/lbrynet/daemon/Daemon.py
index 02703b8ef..8107668af 100644
--- a/lbrynet/daemon/Daemon.py
+++ b/lbrynet/daemon/Daemon.py
@@ -2037,16 +2037,18 @@ class Daemon(AuthJSONRPCServer):
         if bid <= 0.0:
             raise ValueError("Bid value must be greater than 0.0")
 
-        balance = yield self.session.wallet.get_max_usable_balance_for_claim(name)
-        max_bid_amount = balance - MAX_UPDATE_FEE_ESTIMATE
-        if balance <= MAX_UPDATE_FEE_ESTIMATE:
-            raise InsufficientFundsError(
-                "Insufficient funds, please deposit additional LBC. Minimum additional LBC needed {}"
-                .format(MAX_UPDATE_FEE_ESTIMATE - balance))
-        elif bid > max_bid_amount:
-            raise InsufficientFundsError(
-                "Please lower the bid. After accounting for the estimated fee, you only have {} left."
-                .format(max_bid_amount))
+        yield self.session.wallet.update_balance()
+        if bid >= self.session.wallet.get_balance():
+            balance = yield self.session.wallet.get_max_usable_balance_for_claim(name)
+            max_bid_amount = balance - MAX_UPDATE_FEE_ESTIMATE
+            if balance <= MAX_UPDATE_FEE_ESTIMATE:
+                raise InsufficientFundsError(
+                    "Insufficient funds, please deposit additional LBC. Minimum additional LBC needed {}"
+                    .format(MAX_UPDATE_FEE_ESTIMATE - balance))
+            elif bid > max_bid_amount:
+                raise InsufficientFundsError(
+                    "Please lower the bid. After accounting for the estimated fee, you only have {} left."
+                    .format(max_bid_amount))
 
         metadata = metadata or {}
         if fee is not None: