Hoping to get a deal on a dream

TAMPA - More than 100 Bay area homes were up for grabs at a foreclosure auction at Tampa's Convention Center on Tuesday.

Many, like Danielle Smith, hoped to grab a piece of the American dream on the cheap. But she didn't come alone -- with every big-ticket decision, you need dad's wisdom.

"He helped me look over a couple of homes and tell me what they are really worth," said Smith.

Smith is a first-time homebuyer and knows you got to strike when the market's hot.

"It's definitely a good time to be buying into homes and the market will definitely go up, so it's a win-win deal," she continued.

Robert Michaelis with Real Estate Disposition Corporation spearheaded Tuesday's fast-paced auction. This year, his company added about 100 new auctions to their schedule.

So tomorrow, he says, it will be a new city with the same amount of inventory.

"It's exploding. We're happy to do what we do. Obviously this is a business and empty houses don't do any good for any neighborhood," said Michaelis.

Bidder Jack Mutchler was hoping to find an irresistible deal he just couldn't pass up. He already owns some property in Florida, but knows his future home could be waiting for him inside the convention halls.

"If you can buy low and sell high, you can make money. And if you're like most people and get emotional and buy high and sell low, you're in trouble. And a lot of people are in trouble," said Mutchler.

While auctioneers say lenders and banks set a base market price for each home, the buyers, at least in this economic climate, determine the bottom line.

"The reality is the market is going to be set tonight. Bidders are going to set the market," Michaelis added.

>>Click here for foreclosure listings on realtytrack.com.