February 4th, 2025 at 1:00Pm – for sale
PROPERTY DESCRIPTION
Located in West Central Fayette County, just 5 miles southeast of Sumner, Iowa sits these two quality farms consisting of 75.44 +/- taxable acres and 154.50 +/- taxable acres. These 229.94 +/- acres of farmland will be offered for sale at live public auction with online bidding available! The auction will be on February 4th, 2025 at 1:00pm at the American Legion located in Sumner, Iowa.
Iowa Land Company is honored to represent and offer this quality farmland for sale owned by Lucille Reinking. The farms will be offered for sale in two separate tracts; Tract 1 – 75.44 +/- taxable acres and Tract 2 – 154.50 +/- taxable acres. Per tract agricultural information is listed below. The farm is leased for the 2025 farming season, the Seller will retain the 2024 cash rent. Full possession will be March 1st, 2026. What a great opportunity for local farmers to expand their current farming operation and give investors the ability to purchase quality farmland acres in western Fayette County where quality farmland does not come available to the public often! Join us and name your price February 4th, 2025 at 1:00pm. We look forward to seeing you on sale day! For more information call Land Agent Nick Skinner or Land Broker Cody Skinner today.
Tract 1
- 75.44 +/- Taxable Acres
- 60.00 +/- Tillable Acres
- 89.2 CSR2 Average
- Tile in place (see maps in attachments below property photos)
- Great quality tillable acres – Kenyon and Floyd, Loam soils. Clyde-Foyd Complex soil
- 14 – 15 +/- pasture acres
- A field entrance will need to be installed to access this farm. The seller will provide a $5,000 credit to the buyer at closing for this improvement.
- $21,000 cash rent + pasture rent income (2025)
- 5 miles southeast of Sumner, Iowa
- Fremont Township, Section 5
Tract 2
- 154.50 +/- Taxable Acres
- 154.80 +/- FSA Cropland Acres
- 84.4 CSR2 Average
- $50,050 cash rent income (2025)
- Tile in place (see maps in attachments below property photos)
- Multiple field entrances from the east and south
- Very highly taken care of farm, in a great area
- 5 miles southeast of Sumner, Iowa
- Fremont Township, Section 5
Auction Date: February 4th, 2025
Auction Time: 1:00 PM
Auction Location: American Legion, Sumner, Iowa
Auction Address: 113 E. 1st St, Sumner, Iowa 50674
Sale Method: The farm will be sold as two tracts at live public auction with online bidding per buyer’s choice method. The winning bidder has their CHOICE of which tract(s) (Tract 1 or Tract 2, they also have the option to purchase any combination of tracts 1-2 the opening round of bidding.
Farm Lease: The 2024 & 2025 agricultural possession is leased. Buyer(s) will receive full possession March 1st, 2026 per tenant’s rights. Seller will retain the entire 2024 farm cash rent income. The seller will credit the buyer at closing $7,500 (Tract 1) and $19,250 (Tract 2) for 2025 cash rent income. Additionally, the tenant will pay the remaining balance per the current rental agreement.
Survey: We are selling the farm using taxable acres (Tract 1 – 75.44 taxable acres, Tract 2 – 154.50 taxable acres). Seller will survey Tract 1 at Seller’s expense. This survey will not be to identify acres, just the property boundary. If the two tracts are purchased as a unit no survey will be needed.
Purchase Agreement: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with the seller’s attorney the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer(s) obtaining financing.
Earnest Money: 10% earnest money payment is required on the day of the auction. All funds will be held in the seller’s attorney trust account. The remaining balance will be due at closing.
Farm Possession: Buyer will receive real estate possession at closing and full possession March 1st, 2026.
Farm Closing: March 20th, 2025
FSA Information: Call Land Agent Nick Skinner or Land Broker Cody Skinner for any FSA information questions prior to the auction. Note all FSA information is estimated to the best seller and Iowa Land Company. All information is subject to change.
Mineral Rights: All mineral rights owned by the seller if any will be conveyed to the buyer at closing.
Bidder Registration: All active bidders must be registered prior to bidding on the farm. All bidders must have a bid card to bid on the farm. Call Land Agent Nick Skinner or Land Broker Cody Skinner prior to the sale if you are unable to attend the sale but have an interest in the farm. We do have online bidding available.
Terms and Conditions: This sale is subject to all easements, covenants, restrictions of record, and leases. Each Bidder is responsible for conducting, at their own risk, their own inspections, inquiries, and due diligence concerning the property. All property is sold “AS IS-WHERE IS” basis with no warranties or guarantees, either expressed or implied by the Seller or Iowa Land Company.
Announcements: Information provided herein was obtained from sources deemed reliable, but neither Iowa Land Company nor the Seller make any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, its condition, and to rely on their own conclusions. All sketches, dimensions, and acreage figures are approximate or “more or less”. Any announcements made auction day by Iowa Land Company will take precedence over any previously printed materials or oral statements. Iowa Land Company and Seller reserve the right to preclude any person from bidding if there are any questions as to the person’s credentials or fitness to bid.
Brief Legal Description
Tract 1 – 75.44 Taxable Acres located in Fayette County, Fremont township, section 5.
Tract 2 – 154.50 Taxable Acres located in Fayette County, Fremont township, section 5.
Taxes:
Tract 1 – TBD +/- Annually Estimated
Tract 2 – TBD +/- Annually Estimated
From Sumner, Iowa
- Travel south out of town on V62. for 3.7 miles
- Turn left or east on to 120th St. for 1.3 miles
- Farm(s) are located on the north side of the road
- Auction signs are located on the farm(s)
