FRANKLIN COUNTY: 134 ACRES M/L
TRACT #1: $12,100/ACRE
TRACT #2: $9,500/ACRE
FRIDAY, DECEMBER 29, 2023 at 10:00 AM
LATIMER COMMUNITY CENTER
104 N AKIR STREET
LATIMER, IOWA
LISTING AGENTS:
LISTING #23138
DESCRIPTION: 134 acres m/l to be offered in two individual tracts at auction on Friday, December 29th, 2023, at 10:00 A.M. Tract #1 consists of 96 acres m/l, of which there are 94.47 taxable acres m/l and 94.86 cropland acres m/l. Tract #2 consists of 38 acres m/l, of which there are 36.52 taxable acres m/l and 37.56 cropland acres m/l. Tract #1 has an average CSR2 of 83.1 and Tract #2 has an average CSR2 of 77.9, with the county average CSR2 being 79.4.
DIRECTIONS: From Latimer, Iowa, go east on State Highway #3 to Jonquil Avenue, then north on Jonquil Avenue 1/4 mile. Tract #1 is located on the west side of Jonquil Avenue, with Tract #2 being located on the east side of Jonquil Avenue. Please watch for real estate signs.
TRACT #1
LEGAL DESCRIPTION: (96 Acres M/L) Southwest Quarter of the Northeast Quarter (SW1/4 NE1/4), Except Parcel #0628200007; Northwest Quarter of the Southeast Quarter (NW1/4 SE1/4), North of RR; Northeast Quarter of the Southeast Quarter (NE1/4 SE1/4), North of the RR, Except Parcel #0628200007, all in Section Twenty-eight (28), Township Ninety-two (92) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract or a survey for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 94.86 acres
Corn Base: 53 acres PLC Yield: 151 bu. (Est)
Bean Base: 41 acres PLC Yield: 46 bu. (Est)
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $3,018/year. Property taxes will be prorated to date of closing.
IMPROVEMENTS: Improvements are field drainage tile and perimeter fence.
TRACT #2
LEGAL DESCRIPTION: (38 Acres M/L) Northwest Quarter of the Southwest Quarter (NW1/4 SW1/4), North of the RR, all in Section Twenty-seven (27), Township Ninety-two (92) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract or a survey for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 37.56 acres
Corn Base: 19 acres PLC Yield: 151 bu. (Est)
Bean Base: 15 acres PLC Yield: 46 bu. (Est)
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time. This tract has 3.35 acres of CRP that pays $372.50/acre or $1,248/yr until 2025.
PROPERTY TAXES: $1,094/year. Property taxes will be prorated to date of closing.
IMPROVEMENTS: Improvements are field drainage tile and perimeter fence.
TRACTS #1 & #2-FARM LEASE: The subject property is open for 2024. Sellers to retain 100% of the 2023 crop income or cash rent on the property.
TERMS AND CONDITIONS
SALE METHOD: This property will be offered as 2 tracts of 96 acres m/l and 38 acres m/l. The two tracts will not be combined.
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 15, 2024, 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 February 15, 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: John Lander
SELLERS: Lorraine Borcherding 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.
