A SYSTEM, COMPUTER READABLE STORAGE MEDIUM AND COMPUTER IMPLEMENTED METHOD FOR CONDUCTING ONLINE REAL ESTATE AUCTIONS Abstract There is provided a system (200) for conducting online real estate auctions, the system (200) comprising a network for transmitting digital data; a plurality of client computing devices (220) in operable communication with the network, the plurality of client computing devices (220) adapted for receiving bids from bidders; an web server (210) in operable communication with the network, the web server (210) including computer program code, wherein the web server (210) is controlled by the computer program code to receive, via the interface (500), auction configuration data representing configuration of an auction, the auction configuration data comprising at least property identification data identifying a property and reserve price data representing a reserve price for the property, determine an opening bid call calculated in accordance with the reserve price, determine an auction period for the auction, host auction listing data representing the auction during the auction period, the auction listing data representing a minimum bid amount calculated in accordance with the opening bid call; receive, via the interface (500), bid data representing a bid, the bid data comprising bid amount data representing a bid amount; determine a hanging bid period; and increment the auction period by the hanging bid period to an extended auction period; wherein : if acceptance data is received during the extended auction period, via the interface (500), representing acceptance of the bid amount by a vendor, then the web server (210) is controlled by the computer program code to close the auction and record the property as having been sold.