FRANKLIN COUNTY: 292 ACRES M/L
TRACT # 1: $13,000/ACRE
TRACT # 2: $11,400/ACRE
FRIDAY, JULY 19, 2024 at 10:00 AM
ECC AGRICULTURAL CENTER
705 ELLSWORTH AVENUE
IOWA FALLS, IOWA
LISTING AGENTS:
LISTING # 24112
DESCRIPTION: 292 acres m/l to be offered in two individual tracts at auction on Friday, July 19th, 2024, at 10:00 A.M. Tract # 1 consists of 141 acres m/l, of which there are 137 taxable acres m/l and 130 cropland acres m/l. This tract has 2 wind turbines and a radio tower for additional income. Tract # 2 consists of 151 acres m/l with 149 taxable acres m/l and 142 cropland acres m/l. This tract has a wind turbine for additional income. Tract # 1 has an average CSR2 of 88 and Tract # 2 has an average CSR2 of 85.8, with the county average CSR2 being 79.4.
DIRECTIONS: From Iowa Falls, Iowa, go north on State Highway 65/20 and then east on Hwy. 65/20 to the junction where Hwy. 65 goes north, then continue north on Hwy. # 65 for 2.5 miles. Tracts # 1 & # 2 are located on the east side of Highway 65 and south of 50th Street. Please watch for real estate signs.
TRACT # 1: 141 Acres M/L
LEGAL DESCRIPTION: (141 Acres M/L) The Northeast Quarter (NE1/4) of Section Twenty-two (22), Township Ninety (90) North, Range Twenty (20), West of the 5th P.M., Franklin County, Iowa, Except all that part of the SW1/4 NE1/4 lying west of the drainage ditch. Please refer to abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 130 acres (Est)
Corn Base: 70 acres PLC Yield: 172 bu.
Bean Base: 60 acres PLC Yield: 48 bu.
This tract has approximately 8.87 acres of CRP bid in at $300/acre until 2031.
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $4,800/year (Est). Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property has two wind turbines and a radio tower. The two wind turbines pay an estimated $5,500/each per year with the radio tower providing an estimated $5,500/year. They are located on the property with easements. All payments made in 2024 are to be retained by the seller.
Residence and Outbuildings: The property has an older 2-story home with 4 bedrooms and a full bath, all in fair condition. There are some older outbuildings, such as grain bins and machine storage, also in fair condition.
The balance of the farm is unimproved except for field drainage tile and perimeter fence.
TRACTS # 1 & # 2 FARM LEASE: Sellers are to retain all of the 2024 cash rent due for 2024. Contact the auctioneer for details. The lease for 2025 has been terminated.
TRACT # 2: 151 Acres M/L
LEGAL DESCRIPTION: (151 Acres M/L) Northwest Quarter (NW1/4); all that part of the SW1/4 NE1/4 lying south and west of the drainage ditch, Except a parcel located in the NE1/4 NW1/4 described as follows: Commencing at the NW corner of the NW1/4, thence East 1479.19’ to the point of beginning, thence East 100’, South 140’, West 100’, North 140’ to the point of beginning, all in Section Twenty-two (22), Township Ninety (90) North, Range Twenty (20), West of the 5th P.M., Franklin County, Iowa. Please refer to the abstract for exact legal description
FARM PROGRAM INFORMATION:
Cropland: 142 acres (Est)
Corn Base: 79 acres PLC Yield: 172 bu.
Bean Base: 63 acres PLC Yield: 48 bu.
This tract has approximately 9.78 acres of CRP bid in at $300/acre until 2031.
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $5,200/year (Est). Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property has a wind turbine with an easement. This wind turbine pays an estimated $5,500/year. All payments made in 2024 are to be retained by the seller.
The balance of the farm is unimproved except for field drainage tile and perimeter fence.
TERMS AND CONDITIONS
SALE METHOD: Tracts # 1 & # 2 will be offered as individual tracts and will not be combined. Tract # 1 will be sold as 141 acres m/l and Tract # 2 will be sold as 151 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 September 15, 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 September 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. If these properties are sold to different buyers, the seller will provide a survey of each. 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: Art Cady
SELLERS: Harvey Gerzema 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 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.
