WINNEBAGO COUNTY: LIFE ESTATE
TUESDAY, AUGUST 21st, 2018, at 10:00 AM
WODEN COMMUNITY CENTER
208 MAIN AVE.
DESCRIPTION: This auction will consist of the sale of the Life Estate of Cynthia J. Eisenman who is currently 74 years old. This is not an outright sale of the real estate, but a sale of the income generated by the Life Estate Interest of Cynthia J. Eisenman.
LEGAL DESCRIPTION: The Northeast Quarter (NE1/4), all in Section Twenty-four (24), Township Ninety-eight (98) North, Range Twenty-six (26), West of the 5th P.M., Winnebago County, Iowa. This legal description is for reference only and is not to be construed as real estate
offered for sale. Please refer to abstract for exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 148.1 acres
Corn Base: 109.91 acres PLC Yield: 159 bu.
Bean Base: 36.69 acres PLC Yield: 54 bu.
Average CSR2: 79.2
Average County CSR2: 76.2
FARM LEASE: The current lease on the above described property is $280/acre based on 150 acres or $42,000 for 2018 and 2019, payable March 1st of 2018 & 2019. Of this cash rent, 50% or $21,000 is involved in the Life Estate of Cynthia J. Eisenman. The successful buyer of the Life Estate of Cynthia J. Eisenman will receive $21,000 on March 1, 2019. The successful bidder will be guaranteed one additional year of income after the death of Cynthia J. Eisenman, which would terminate the Life Estate of Cynthia J. Eisenman. This Life Estate terminates immediately upon Cynthia J. Eisenman’s death. At the end of the current lease period (3-1-2020), any lease entered into by the P.O.A. for Cynthia J. Eisenman will have a guaranteed rental rate no lower than ISU District 2 rates from previous year. Contact auctioneer for any additional information regarding the lease.
INSURANCE: The successful bidder will be required to pay 50% of the annual liability insurance premium when due. Estimate of the annual premium is $167.00 or $83.50 which is the Life Estate's share.
PROPERTY TAXES: Current property taxes on the property are $4,160/year of which the buyer of the Life Estate of Cynthia J. Eisenman will be responsible for 50% of those taxes when due. Property taxes will be prorated to the date of closing.
TERMS & CONDITIONS
SALE METHOD: This Life Estate of Cynthia J. Eisenman will be sold as a total lump sum figure. Bidding increments are at the discretion of the auctioneer.
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.
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 copy of the current lease. Sale is not contingent upon buyer financing. Seller to pay all escrow closing costs.
CLOSING: Closing will occur August 27, 2018, when the balance of the purchase price for the Life Estate of Cynthia J. Eisenman is due. The balance of the purchase price will be payable at closing in cash, guaranteed check, or wire transfer.
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: Matt Bollman
SELLER: Life Estate of Cynthia J. Eisenman
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.