A method of conducting an enhanced electronic auction for real estate and other high-value items. Auction parameters including property identification and reserve price data are captured with respect to an auction lot, and stored in an auction profile record in an auction database. Auctions of auction lots listed for sale are conducted via a website system within an auction bidding window. An auction bidding window is extended by a bidding window time extension each time that a current winning bid is received, providing registered bidders with a minimum timeframe to make a highest bid before the auction closes. Registered bidders are required to provide a security deposit to participate in the auction, and the identity or qualifications of sellers is verified.