FRIDAY, DECEMBER 20th, 2019, at 3:00 PM
REINBECK MEMORIAL BUILDING
208 BROAD STREET
Jeffrey T. Obrecht (515-689-1648)
DESCRIPTION: 168 acres m/l to be offered at auction on Friday, December 20th, 2019, at 3:00 P.M. This property consists of 168 acres m/l, of which there are approximately 166.54 taxable acres and 166.54 cropland acres m/l. This tract has an average CSR2 of 88.6, with the Grundy County average CSR being 87.2.
DIRECTIONS: From Reinbeck, Iowa, go west on State Highway #175 to County Blacktop T-55, then north on T-55 for approximately 3 miles. The subject property is located on the east side of T-55. Please watch for real estate signs.
LEGAL DESCRIPTION: (168 Acres M/L) The Northwest Fractional Quarter (NW Frl. 1/4) of Section Five (5), Township Eighty-seven (87) North, Range Fifteen (15), West of the 5th P.M., Grundy County, Iowa, Except the 5 acre building site. Please refer to abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 166.54 acres
Corn Base: 158.2 acres PLC Yield: 139 bu.
Bean Base: None
Of this 166.54 acres, there is 1.93 acres in CRP at $382.80/acre until 2031 and 2.4 acres in CRP at $268.80/acre until 2022.
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $4200/year (Est)
Property taxes will be prorated to date of closing.
IMPROVEMENTS: The subject property has improvements such as field drainage tile and perimeter fence.
FARM LEASE: Sellers are to retain all of the 2019 cash rent due for 2019. The lease for 2020 has been terminated.
LISTING #19133 TERMS AND CONDITIONS
SALE METHOD: This tract will be offered as an individual tract of 168 acres m/l.
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 February 1, 2020, subject to the current cash rent lease and current tenant’s rights for the 2019 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 February 1, 2020. 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: Abby Wessel
SELLERS: Arlyn Billerbeck Estate, Kevin Billerbeck, Glenda Billerbeck, Craig Billerbeck, Brent Billerbeck, & Denise Freeseman
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.