FRANKLIN COUNTY: 155 ACRES M/L
- The Dirt Dealer
- Oct 10
- 4 min read
Updated: Oct 15
FRIDAY, NOVEMBER 7, 2025 at 10:00 AM
LATIMER COMMUNITY CENTER
104 N AKIR STREET
LATIMER, IOWA
LISTING AGENTS:
LISTING # 25130
DESCRIPTION: 155 acres m/l to be offered at auction on Friday, November 7th, 2025, at 10:00 A.M. This property consists of 155 acres m/l, of which there are 150.92 taxable acres m/l and 148.46 cropland acres m/l. This tract has an average CSR2 of 86.9, with the Franklin County average CSR2 being 79.4.
DIRECTIONS: From Interstate 35 and Highway 3 Junction, go west on Highway 3 approximately 1/4 mile to Finch Avenue, then go north on Finch Avenue for approximately 1 mile. The subject property is located at the northwest corner of the intersection of Finch Avenue and 160th Street. Please watch for real estate signs.
LEGAL DESCRIPTION: (155 Acres M/L) Southeast Quarter (SE1/4) of Section Twenty-three (23), Except the acreage, Township Ninety-two (92) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract or a survey for the property for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 148.46 acres
Corn Base: 139.62 acres PLC Yield: 145 bu.
Bean Base: 8.64 acres PLC Yield: 49 bu.
This farm is Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
FARM LEASE: The lease for 2026 has been terminated. The seller will retain 100% of the cash rent income from the 2025 crop year.
IMPROVEMENTS: Improvements are field drainage tile and perimeter fence.
There is a wind turbine located on the property that pays approximately $15,184 annually. The buyer will receive the entire 2026 payment. Contact auctioneer for details.
PROPERTY TAXES: $5,025/year. Property taxes will be prorated to date of closing.
TERMS AND CONDITIONS
SALE METHOD: This tract will be offered as an individual tract of 155 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 December 19, 2025, subject to the current cash rent lease and current tenant’s rights for the 2025 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 on advertised tract only.
CLOSING: Closing will occur on or about December 19, 2025. 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 on advertised tract only.
BIDDER REGISTRATION: All prospective bidders must register with the auction company and receive a bidder’s number in order to bid at the auction.
ONLINE BIDDING: Please visit our website to register for online bidding. Mid Iowa Real Estate, Auctions, & Appraisals cannot be held liable for any technical difficulties relating to the server, software, internet, or other online auction-related technologies. Bidders shall have no claims against the auction company or Sellers if their bids are not accepted.
ATTORNEY: Collin Davison
SELLERS: Mark Johansen Etal
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 to 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.
