Mitchell County, Iowa - Farmland Auction 157 +/- Acres

Farm Description

Iowa Land Company is honored to represent Neil E. Martin Estate at live public auction on May 17, 2018. We will be selling 157.18 acres of high quality Mitchell County farmland at 10am at the VFW building located in Osage, Iowa. The farm sits in a strong farming neighborhood just 6 miles west of Osage. Nearly 90% of the farm has been completely pattern tiled. This farm hasn’t been offered to the public for sale since 1975 and has maintained the same tenant 45 years. This farm offers 137.4 FSA cropland acres and carries a CSR2 of 75.3. Of the FSA cropland acres, approximately 136.3 are being farmed in a corn / bean rotation. There are 1.10 acres in CP21 CRP program (email or call Cody Skinner for details) through September 2020, paying $176 annually. The CRP payment will be prorated from October 1 to day of closing. The farm is currently leased for the 2018 growing season. The buyer will receive $33,000 at closing for 2018 cash rent income. The current tenant on the farm will allow the new owner to have complete possession after the completion of the 2018 crop harvest.

 

Farm Details

FSA Cropland Acres: 137.4

Base Acres: 136.3

CSR2 75.3

Corn Base: 68.8 base acres with a PLC yield of 156

Bean Base: 67.5 base acres with a PLC yield of 44

 

Auction Date: May 17th, 2018

Auction Time: 10 AM

Auction Location: VFW Post 7920 Osage, Iowa

Auction Address: 3693 US-218, Osage, IA 50461

Sale Method: The farm will be sold in one tract by live public auction.

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 obtaining financing.

Earnest Money: 5% earnest money payment is required on the day of the auction. All funds will be held in the sellers attorney trust account. Remaining balance will be due at closing.

Farm Possession: Full possession will be after successful closing. Subject to tenants rights.

Farm Closing: Closing will be on or before June 19^th, 2018

FSA Information: Call Land Agent Cody Skinner for any FSA information questions prior to auction. Note all FSA information is estimated to the best knowledge of both seller and Iowa Land Company. All information is subject to change.

Mineral Rights: All mineral rights will convey to the buyer.

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.

Farm Lease: Farm is currently leased for the 2018 farming season. The buyer will receive $33,000 at closing for 2018 cash rent.

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, inquires, 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 it’s accuracy. All potential bidders are urged to inspect the property, it’s condition, and to rely on their own conclusion. 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 previous printed materials or oral statements. Iowa Land Company and Seller reserve the right to preclude any person from bidding if there is any questions as to the person’s credentials or fitness to bid.