MITCHELL COUNTY: 153 ACRES M/L
FRIDAY, MAY 3, 2024 at 10:00 AM
RICEVILLE COMMUNITY CENTER
119 W MAIN STREET
RICEVILLE, IOWA
LISTING AGENT:
LISTING # 24107
DESCRIPTION: 153 acres m/l to be offered at auction on Friday, May 3rd, 2024, at 10:00 A.M. This property consists of 153 acres m/l, of which there are approximately 149 taxable acres and 142.16 cropland acres m/l. This tract has an average CSR2 of 71.1, with the Mitchell County average CSR2 being 80.9.
DIRECTIONS: From Riceville, Iowa, go west on State Highway # 9 to Timber Avenue, then north on Timber Avenue to 440th Street. The subject property is located in the northeast corner of the intersection of Timber Avenue and 440th Street. Please watch for real estate signs.
LEGAL DESCRIPTION: (153 Acres M/L) Southwest Quarter (SW1/4) of Section Eight (8), Township Ninety-nine (99), Range Fifteen (15), West of the 5th P.M., Mitchell County, Iowa, Except beginning at the SW corner of the SW1/4 SW1/4, thence East 600' along the south line of said SW1/4 to the point of beginning, then North 615', East 500', South 615', West 500' to the point of beginning. Please refer to the abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 142.16 acres
Corn Base: 67.97 acres PLC Yield: 173 bu.
Bean Base: 59.43 acres PLC Yield: 53 bu.
This property currently has 12.30 acres in CRP along the waterway running north to the south. One CRP contract is for 11.70 acres bid in at $287.18/acre or $3360/yr until 2032. The second CRP contract is for 6/10 acre bid in at $203.67/acre or $122/yr until 2026. The CRP payment due on 10-1-2024 will be paid 100% to the seller.
This farm is classified as Highly Erodible Land. This property contains a Wetland or Farmed Wetland.
FARM LEASE: The subject property is rented for the 2024 crop year, with current lease to be assigned to buyer at closing. One-Half of the total cash rent due for 2024 will be paid to the buyer at closing. Contact the auctioneer for details. The lease for 2025 has been terminated.
IMPROVEMENTS: Improvements are field drainage tile and perimeter fence.
PROPERTY TAXES: $4,200/year (Est)
Property taxes will be prorated to date of closing.
TERMS AND CONDITIONS
SALE METHOD: This tract will be offered as an individual tract of 153 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 July 1, 2024, subject to the current cash rent lease and current tenant’s rights for the 2024 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 July 1, 2024. 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: Stacey Harding
SELLERS: Lillian L. McKenna Living Trust
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.