The disclosed embodiments provide a system for conducting an online transaction. During operation, the system displays a user interface for specifying a set of bid parameters associated with an offer in the online transaction containing a real estate auction of a property, wherein the set of bid parameters comprises a cash percentage of the offer, an escrow length, an inspection contingency, and an offer price. Next, the system uses one or more seller preferences for the real estate auction and the bid parameters to calculate an effective bid for the offer. The system then displays the effective bid in the user interface and dynamically adjusts the effective bid based on one or more changes to the bid parameters received through the user interface. Upon receiving a submission of the offer through the user interface, the system updates the real estate auction with the effective bid in the offer.