Hundreds of people showed up at the Prime Osborn Convention Center on Thursday night to bid on their dream homes.

Those dream homes were previously a nightmare for someone else. The 60 or so homes up for sale were all foreclosed homes being resold.

But sympathy for the foreclosed was in short supply as everyone shopped for the best deal. Most of the homes ended up selling for significantly less than their purchase price.

This auction was run by the Real Estate Disposition Corp., a national auction group hired by banks to sell repossessed homes. The company collects a 5 percent premium on each winning bid along with fees charged to the seller.

Inside the Prime, four men in tuxedos roamed the auction ballroom and signaled the auctioneer when someone had made a bid.

"We like to see ourselves as the silver lining of the foreclosure crisis," Real Estate Disposition spokesman Rick Weinberg said. "This is a chance for someone to buy their dream home at a great price."

Anyone attending the auction was required to bring a $5,000 cashier's check before buying a home. They also had to prove they will be able to make the payments.

Robert Jackson, president of IBuyHouses.com, was at the auction looking for bargain houses that could be bought, fixed up and then resold.

The trick in any auction is to know what you're bidding on. An inexpensive home can still cost a lot because many of the homes are in poor condition and require extensive repairs. That's why it's important to know exactly what you're bidding on beforehand, Jackson said.

Jackson ended up leaving without buying any homes. The prices were too high, he said.

Northside resident Herb Wright was attending his first auction and was looking into buying a home close to where he lives.

He's examined several homes in the area that are up for auction and believes he can get a good bargain.

Depending on the home he buys, Wright said he might keep it as an investment or end up living in the house.

larry.hannan@jacksonville.com, (904) 359-4470

Story is from Jacksonville.com and can be found at:

http://www.jacksonville.com/news/metro/2008-12-12/foreclosure_auction_offers_chance_to_pick_up_bargains