A method for carrying out a real-time online real estate auction operating over a computer network having timing means therein. The method has at least one vendor who desires to sell some real estate, an auctioneer who is authorised to carry out the auction and who controls the auction, and one or more bidders who desire to purchase the real estate. Each one of the vendor, auctioneer and bidders communicate with each other over a computer system connected to the network and a database connected to the network. Audiometer and vendor agree to reserve palos, Date entered on database Property available for auction on audloneer' $ webslle. i i II Bidder completes application form and sends to auctioneer (Registration) Auctioneer sends each this code in database, i. re. i blddor a unique code end nmords along With tim bidder' s information , , . , , N ., , , , , , , , , Bidders the database via a central interface, locate woperty of Interest and elect the proper to enter the ordlne auction i i, , , , , i Illl I Ill, ., . Bidders accept Legal Terms and Con ions end Postilions of Auction B der$ er their unique code on the database vi the central interface, in order to make bids during the auction Bidder' s date added to emil up i=t. Bidder can )minate their Bidder submits ? bid to the Database records end max. and btd to that database via central bl fece, stores ag bide, end the will d : mltt ed D mY of central Interface time bid Is made. authority. updated in real-time Vendor may J3mit bid at any Ume during /he auction, he vendor bid will have O. Identifying feature on the central interface. Aa blds on the prq0erty displayed on the ceftrat interface under bladder undue co( No person dste]l$ display. Bids can be submitted until the eudlon closes. Bidders ere notl/ d prior to the call for "final bid stage. The cenlral interface s e count down showing the time before the "final calf =lege commences. The "linal call" steve commences, with the auction closing at the expiration of s stage. I Manning blddl notified and connected by auctioneer. The auctioneer, vvmh approval of blade L signs the control, end sends ? to the Wilder. The adder e the despot l r the PrOll dY on the dey' the _ b closes. The Wilder send= e recell0t of the transfer of the depo=lt to the auctioneer. Contracts ere dined and ed.