The present invention provides a reverse auction method and system, whereby upon payment of a fee, a seller uploads details of the property to be auctioned onto the auction system web-site provided by the manager of auction system. The system utilizes the information provided to set the necessary parameters of the auction. Many buyers make bids by haggling the price down and a must make an online payment per bid submitted, and the winner is a buyer who makes a lowest “unique” bid when the auction is concluded. All money paid into the system for bid submissions is held in a common pool to make up the difference in winning bid paid and property value. The bid-winner is satisfied by buying the property at a low price, the seller gets full value for his property and the auction system manager is compensated by the seller listing fees and possibly a fractional retention of interest in the property sold.