Mid Iowa Real Estate, Auctions, & Appraisals

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FRANKLIN COUNTY: 145 ACRES M/L

-OFFERED IN MULTIPLE TRACTS-

WEDNESDAY, JULY 25th, 2018, at 10:00 AM

LATIMER COMMUNITY CENTER

104 N AKIR ST

LATIMER, IOWA

 

LISTING AGENT:

Jeffrey T. Obrecht (515-689-1648)

 

LISTING #18119

DESCRIPTION:  145 acres m/l to be offered in 3 single tracts and then a combined tract at auction on Wednesday, July 25th, 2018, at 10:00 A.M.  Tract #1:  28 acres m/l, CSR2 of 88.5.  Tract #2:  77 acres m/l, CSR2 of 86.7.  Tract #3:  40 acres m/l, CSR2 of 84.3.  Tract #4:  The total property consists of 145 acres m/l, with 142 taxable acres and 141.53 cropland acres, with an overall CSR2 of 86.4. The county average CSR2 is 80.7.

 

DIRECTIONS:  From Coulter, Iowa, go south on County Blacktop S-25 to County Rock Road 130th Street, then go east on 130th Street to Jonquil Avenue, then go north 3/4 mile. Tract #1 is located on the southeast corner of the intersection of Jonquil Avenue and 140th Street, Tract #2 is located ¼ mile to the east of this intersection with Tract #3 located in the center of Section Three with an easement for access on the east side of Tract #2.  Please watch for real estate signs.

 

TRACT #1-LEGAL DESCRIPTION:  (28 acres m/l) The Northwest Quarter of the Northwest Fractional Quarter (NW1/4 NW Frl. 1/4), all in Section Three (3), Township Ninety-one (91) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa, Except for Tract #1003100009.  Please refer to abstract for exact legal description. Said Tract #1 contains 26.34 taxable acres and 28 gross acres.

 

TRACT #1-FARM PROGRAM INFORMATION:

Cropland:  26.94 acres (Est)

Corn Base:  16 acres   PLC Yield:  158 bu.

Bean Base:  11 acres  PLC Yield:  48 bu.

 

This farm is classified as Non-Highly Erodible Land. The Wetlands Determination is not complete at this time. * If the tracts are sold separately, the FSA office will be responsible for splitting the base acres on the parcels, as the above figures are estimates.

 

TRACT #1-IMPROVEMENTS:  Two older steel bins that are salvage value.

 

TRACT #1-TAXES:  $812/year or $30.82/taxable acre.  Property taxes will be prorated to date of closing.

 

TRACT #2-LEGAL DESCRIPTION:  (77 acres m/l) The East One-Half of the Northwest Fractional Quarter (E1/2 NW Frl. 1/4), all in Section Three (3), Township Ninety-one (91) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for exact legal description. Said Tract #2 contains 75.67 taxable acres and 77 gross acres.

 

TRACT #2-FARM PROGRAM INFORMATION:

Cropland:  74.59 acres (Est)

Corn Base:  44 acres   PLC Yield:  158 bu.

Bean Base:  30 acres  PLC Yield:  48 bu.

 

This farm is classified as Non-Highly Erodible Land. The Wetland Determination is not complete at this time. * If the tracts are sold separately, the FSA office will be responsible for splitting the base acres on the parcels, as the above figures are estimates.

 

TRACT #2-IMPROVEMENTS:  None

 

TRACT #2-TAXES: $2292/year or $30.28/taxable acre.  Property taxes will be prorated to date of closing.

 

TRACT #3-LEGAL DESCRIPTION:  (40 acres m/l) The Northwest Quarter of the Southeast Quarter (NW1/4 SE1/4), all in Section Three (3), Township Ninety-one (91) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for exact legal description. Said Tract #3 contains 40 taxable acres and 40 gross acres.

 

TRACT #3-FARM PROGRAM INFORMATION:

Cropland:  40.84 acres (Est)

Corn Base:  24 acres   PLC Yield:  158 bu.

Bean Base:  16 acres  PLC Yield:  48 bu.

 

This farm is classified as Non-Highly Erodible Land. The Wetlands Determination is not complete at this time.  * If the tracts are sold separately, the FSA office will be responsible for splitting the base acres on the parcels, as the above figures are estimates.

 

TRACT #3-IMPROVEMENTS:  None

 

TRACT #3-TAXES:  $1162/year or $29.05/taxable acre.  Property taxes will be prorated to date of closing.

 

TRACT #4:  This tract will be a combination of Tracts #1, #2, & #3.

 

FARM LEASE:  Sellers to retain the first half of the 2018 cash rent, with the second half of the cash rent to go to the buyer(s) when due.  The farm lease for 2019 will be terminated prior to closing. Contact auctioneer for terms of the rental agreement for 2018.

 

LISTING #18119  Terms and Conditions

 

SALE METHOD:  This property will be offered as three individual tracts and then as a combination.  Tract #1 will be offered as 28 acres m/l, Tract #2 will be offered as 77 acres m/l, Tract #3 will be be offered as 40 acres m/l, and Tract #4 will be a combination of those for a total of 145 acres m/l. 

 

IMPROVEMENTS:  Improvements on all three tracts would also include field drainage tile and perimeter fence.

                       

MINERALS:  All mineral interests owned by the Seller, if any, will be conveyed to the Buyer.

 

EARNEST PAYMENT:  A 15% earnest money payment is required on the day of the auction.  The earnest payment may be paid in the form of cash or check.  All funds will be held in the named attorney’s trust account.

 

POSSESSION:  Possession will be granted at closing, on or about September 1, 2018, subject to the current cash rent lease and current tenant’s rights for the 2018 crop year.

 

CONTRACT AND TITLE:  Immediately upon conclusion of the auction the high bidder will enter into a real estate contract and deposit with Mid Iowa Real Estate, Auctions, & Appraisals the required earnest payment.  The Seller will provide a current abstract at their expense.  Sale is not contingent upon buyer financing.  Seller to pay all escrow closing costs.

 

CLOSING:  Closing will occur on or about September 1, 2018.  The balance of the purchase price will be payable at closing in cash, guaranteed check, or wire transfer.

 

SURVEY:  At the Seller’s option, the Seller shall provide a new survey where there is not an existing legal or where new boundaries are created.  The Seller will be responsible for any survey costs.

 

BIDDER REGISTRATION:  All prospective bidders must register with the auction company and receive a bidder’s number in order to bid at the auction.

 

ATTORNEY:  Jason Hyland

 

SELLER:  Evelyn R. Stratmann Estate

 

This sale is subject to all easements, covenants, leases and restrictions of record. All property is sold on an “As is—Where is” basis with no warranties or guarantees, expressed or implied, made by the Realtor or Seller.  All potential buyers are urged perform their due diligence on the subject property prior to the auction.  All map boundaries are approximate, and photographs used may or may not depict the actual property. Total tract acres, tillable acres, FSA acres, etc. are approximate and may be subject to change.  All bids will be on a per acre basis.  Seller reserves the right to accept or reject any and all bids.

 

Mid Iowa Real Estate, Auctions, & Appraisals and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction.  Any announcements made auction day by the Auctioneer will take precedence over any previous material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

 

BROCHURE

 

AERIAL MAP - TRACT #1

AERIAL MAP - TRACT #2

AERIAL MAP - TRACT #3

AERIAL MAP - TRACT #4

 

PLAT MAP

 

SOILS MAP - TRACT #1

SOILS MAP - TRACT #2

SOILS MAP - TRACT #3

SOILS MAP - TRACT #4

 

 

 

 

 

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