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FRANKLIN COUNTY: 77 ACRES M/L



$15,700/ACRE


FRIDAY, SEPTEMBER 29, 2023 at 10:00 AM

LATIMER COMMUNITY CENTER

104 N AKIR STREET

LATIMER, IOWA

LISTING AGENTS:

Kellen Suntken (515-571-8565)

LISTING #23128








DESCRIPTION: 77 acres m/l to be offered at auction on Friday, September 29th, 2023, at 10:00 A.M. This property consists of 77 acres m/l, of which there are approximately 74.21 taxable acres and 74.79 cropland acres m/l. This tract has an average CSR2 of 85.9, with the Franklin County average CSR2 being 80.7.

DIRECTIONS: From Coulter, Iowa, go south on County Blacktop S-25 to 130th Street, then east on 130th Street to Jonquil Avenue. The subject property is located in the SW corner of the intersection of 130th Street and Jonquil Avenue. Please watch for real estate signs.

LEGAL DESCRIPTION: (77 Acres M/L) North One-Half of the Northeast Quarter (N1/2 NE1/4), all in Section Nine (9), Township Ninety-one (91) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa, Except Parcel “C”. Please refer to abstract for the exact legal description.

FARM PROGRAM INFORMATION:

Cropland: 74.79 acres

Corn Base: 37.60 acres PLC Yield: 153 bu.

Bean Base: 36.90 acres PLC Yield: 44 bu.

This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.

FARM LEASE: The subject property is rented for the 2023 crop year, The sellers will retain 100% of the cash rent or crop income for the property for 2023. The lease for 2024 has been terminated.

PROPERTY TAXES: $2,432/year. Property taxes will be prorated to date of closing.

IMPROVEMENTS: Improvements are field drainage tile and perimeter fence.

TERMS AND CONDITIONS

SALE METHOD: This tract will be offered as an individual tract of 77 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 November 30, 2023, subject to the current cash rent lease and current tenant’s rights for the 2023 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 November 30, 2023. 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.


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: Richard Bordwell

SELLERS: Steve Borcherding, Tim Borcherding, Kay Hinrichs, Jean Tomlinson, and spouses

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.


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