Mid Iowa Real Estate, Auctions, & Appraisals

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FRANKLIN COUNTY: 267 ACRES M/L

TRACT #1 PENDING - $8,400/ACRE

TRACT #2 PENDING - $7,400/ACRE

TRACT #3 PENDING - $6,700/ACRE

TRACT #4 PENDING

 

FRIDAY, JUNE 28th, 2019, at 10:00 AM

LATIMER COMMUNITY CENTER

LATIMER, IOWA

 

LISTING AGENT:  Jeffrey T. Obrecht (515-689-1648)

 

LISTING #19113

 

BROCHURE

 

TRACT #1 - AERIAL MAP

TRACT #2 - AERIAL MAP

TRACT #3 - AERIAL MAP

TRACT #4 - AERIAL MAP

TRACT #5 - AERIAL MAP

 

PLAT MAP

 

TRACT #1 - SOILS MAP

TRACT #2 - SOILS MAP

TRACT #3 - SOILS MAP

TRACT #4 - SOILS MAP

TRACT #5 - SOILS MAP

 

TRACT #1 - PRIVATE TILE AGREEMENT

 

COUNTY DRAINAGE DISTRICT MAP

 

 

DESCRIPTION: 267 acres m/l to be offered in 4 tracts of 107 acres m/l, 70 acres m/l, 80 acres m/l, 10 acres m/l, and a combination of 160 acres m/l at auction on Friday, June 28, 2019, at 10:00 A.M.  The total property consists of 267 acres m/l, of which there are 261 taxable acres and 250 cropland acres.  This property has average CSR2’s from 76.5 to 87.1, with the county average CSR2 being 80.7

 

DIRECTIONS: From Latimer, Iowa, go north on County Blacktop S-25 to County Blacktop C-27, then go east on C-27 2 miles to Indigo Avenue, then north on Indigo Avenue 1 mile to 220th Street, or from Sheffield, Iowa, go west on County Blacktop C-13 to Jonquil Avenue, then go south to 220th Street, then west 1 mile. Tract #1 is located in the southwest corner of the intersection of 220th Street & Indigo Avenue, with Tracts #2, #3, & #4 being located on the east side of Indigo Avenue and north of 220th Street. Please watch for real estate signs.

 

TRACT #1

LEGAL DESCRIPTION: (107 acres m/l) The Northwest Quarter of the Northeast Quarter (NW1/4 NE1/4) less Interstate #35; North One-Half of the Southwest Quarter of the Northeast Quarter (N1/2 SW1/4 NE1/4) less Interstate #35; Northeast Quarter of the Northeast Quarter (NE1/4 NE1/4); North One-Half of the Southeast Quarter of the Northeast Quarter (N1/2 SE1/4 NE1/4) all in Section Twenty-nine (29), Township Ninety-three (93) North, Range Twenty-one (21) West of the 5th P.M, Franklin County, Iowa.  Please refer to abstract for exact legal description.

 

This property consists of 107 gross acres m/l, with approximately 105 taxable acres and 99.76 crop acres. This property has an average CSR2 rating of 86.2, with the county average being 80.7.

 

FARM PROGRAM INFORMATION:

Cropland: 99.76 acres 

Corn Base: 98.47acres           PLC Yield: 152 bu.

Bean Base: None

 

This farm is classified as Non-Highly Erodible Land with no Wetlands determination complete. The FSA office will be responsible for splitting the acres and bases on this parcel, if it sells separately, as the above numbers are estimates.

 

Tract #1 has a private 10” main tile that runs to the south.

 

PROPERTY TAXES: $3491/year

Property taxes will be prorated to date of closing.

 

IMPROVEMENTS: Salvage

 

TRACTS #1, #2, #3, #4, #5: FARM LEASE: Sellers are to retain all of the 2019 cash rent due in January 2020. Contact the auctioneer for details. The lease for 2020 has been terminated.

 

TRACT #2

LEGAL DESCRIPTION: (70 acres m/l) West One-Half of the Southwest Quarter (W1/2 SW1/4) in Section Twenty-one (21), Township Ninety-three (93) North, Range Twenty-one (21), West of the 5th P.M. Franklin County, Iowa, Except the approximately 10A building site in the SE1/4 SW1/4 SW1/4. Please refer to the abstract for exact legal description.

 

This property consists of 70 gross acres m/l, with approximately 67 taxable acres and 67 crop acres. This property has an average CSR2 rating of 86.5, with the county average being 80.7.

 

FARM PROGRAM INFORMATION:

Cropland: 69.96 acres (Est) (Includes tillable acres in Tract #4)

Corn Base: 68.03acres           PLC Yield: 152 bu.

Bean Base: None

 

This farm is classified as Non-Highly Erodible Land. No Wetlands Determination complete at this time. The FSA office will be responsible for splitting the acres and bases on this parcel, if it sells separately, as the above numbers are estimates.

 

PROPERTY TAXES: $2190/year (Est) 

Property taxes will be prorated to date of closing.

 

TRACT #3

LEGAL DESCRIPTION: (80 acres m/l) East One-Half of the Southwest Quarter (E1/2 SW1/4) in Section Twenty-one (21), Township Ninety-three (93) North, Range Twenty-one (21), West of the 5th P.M. Franklin County, Iowa. Please refer to the abstract for exact legal description.

 

This property consists of 80 gross acres m/l, with approximately 79 taxable acres and 79 crop acres. This property has an average CSR2 rating of 76.5, with the county average being 80.7.

 

FARM PROGRAM INFORMATION:

Cropland: 79 acres (Est)

Corn Base: 79.03acres           PLC Yield: 152 bu.

Bean Base: None

 

This farm is classified as Non-Highly Erodible Land. No Wetlands Determination complete at this time. The FSA office will be responsible for splitting the acres and bases on this parcel, if it sells separately, as the above numbers are estimates.

 

PROPERTY TAXES: $2470/year (Est) 

Property taxes will be prorated to date of closing.

 

TRACTS #1, #2, #3, #4, #5: FARM LEASE: Sellers are to retain all of the 2019 cash rent due in January 2020. Contact the auctioneer for details. The lease for 2020 has been terminated.

 

TRACT #4

LEGAL DESCRIPTION: (10 acres m/l) 10A M/L located in the SE1/4 SW1/4 SW1/4 of Section Twenty-one (21), Township Ninety-three (93) North, Range Twenty-one (21), West of the 5th P.M. Franklin, Iowa. Please refer to abstract for exact legal description. 

 

This property consists of 10 gross acres m/l, with approximately 9.5 taxable acres and 2 crop acres. This property has an average CSR2 rating of 87.1, with the county average being 80.7.

 

FARM PROGRAM INFORMATION:

Cropland: Included in Tract #2

 

This farm is classified as Non-Highly Erodible Land. No Wetlands Determination complete at this time. The FSA office will be responsible for splitting the acres and bases on this parcel, if they sell separately, as the above numbers are estimates.

 

PROPERTY TAXES: $2000/year (Est) 

Property taxes will be prorated to date of closing.

 

IMPROVEMENTS:

Year Built: 1940, New Addition: 2004

Style: 2 story

Square Feet/Living Space: 3370

Basement Area: 920 sq.ft. w/ Sump Pump

Bedrooms: 4    

Baths: 2 w/2nd floor laundry

Heating & Cooling: Forced Air Furnace & CA

Siding: Vinyl

Roof: Steel roof

Garage: Attached 2+ car (Heat in Floor)

Flooring: Hardwood, Vinyl

Windows: Newer Replacement Windows

 

*PLEASE CONTACT REALTOR FOR A SHOWING OF THE HOME*

 

OTHER IMPROVEMENTS: This property also has a 48’ x 80’ pole storage along with several sound metal storage bins and some additional storage sheds.

 

TRACT #5

(160 acres m/l) Tract #5 will be a combination of Tract #2, Tract #3, & Tract #4. These tracts will first be offered as single tracts and then as a combination and will sell in the manner that generates highest selling  price.

 

This property consists of 160 gross acres m/l, with approximately 156 taxable acres and 148.98 crop acres. This property has an average CSR2 rating of 81.4, with the county average being 80.7.

 

TRACTS #1, #2, #3, #4, #5: FARM LEASE: Sellers are to retain all of the 2019 cash rent due in January 2020. Contact the auctioneer for details. The lease for 2020 has been terminated.

 

LISTING #19113 TERMS AND CONDITIONS

 

SALE METHOD: Tract #1 (107 acres m/l), Tract  #2 (70 acres m/l), Tract #3 (80 acres m/l), & Tract #4 (10 acres m/l) will be offered as individual tracts, with Tracts #2, #3, & #4 offered as a combination for Tract #5.

 

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 October 1, 2019, 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 October 1, 2019.  The balance of the purchase price will be payable at closing in cash, guaranteed check, or wire transfer.

 

SURVEY: If the tracts sell separately, the seller will provide a survey to show the legal description of each parcel and the boundaries of each tract. As described above, Tract #1 will be 107 acres m/l, Tract #2 will be 70 acres m/l, Tract #3 will be 80 acres m/l, Tract #4 will be 10 acres m/l and Tract #5 will be 160 acres m/l. 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: Art Cady

 

SELLER: Leon R. Pralle 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. *SALE IS SUBJECT  TO COURT APPROVAL.*

 

 

 

 

 

 

 

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