160 acre Public Land Auction
Saturday, February 1st, 2020 @ 11:00am
Spencer Auction Facility, 3328 Overton Ave, Beebeetown
Directions to the Farm: Physical Address: 1331 Fir Road, Panama, Iowa
Property viewing: The property will be open for viewing on January 12th and January 19th, 2020 1-3pm or by appointment.
Legal Description: The NW1/4 36-80-40, Shelby County, Iowa
Home Information: 2 story home featuring 4 bedrooms, 2 bathrooms, 20456f.s.f built in 1920. Home is serviced by Rural Water. Seller will complete a passing time of transfer septic inspection and a termite inspection prior to closing.
FSA Farm#6962 Tract#2270
Corn Base: 82.14 PLC Yield: 188
Bean Base: 57.80 PLC Yield: 43
CSR 2: 58.6 per Surety Maps
METHOD AND TERMS
Property will be sold 160 acres times the bid.
Terms: Your bid is not subject to financing. Buyer on the farm will be required to place 10% of the purchase price as a non-refundable down payment on the day of the auction, made payable to Clear Title and Escrow, which shall old the earnest funds in escrow prior to closing.
Title: Sellers shall provide an updated abstract. Buyer to have a title opinion completed by attorney of the buyer’s choice. Each party shall pay normal costs associated with closing a real estate transaction.
Acceptance of Bids: Final bid on the farm is subject to the approval of the sellers.
Closing: Closing on the farm shall be on or before March 2nd, 2020 under the supervision of Ed Spencer, Broker and Clear Title, Escrow company.
Possession: Buyer will receive full possession of the home and tillable land at closing. Buyer will receive full possession of the outbuildings on Sellers will retain 100% of the cash rent and/or crop and all program payments for the 2019 crop year.
Disclaimer: Announcements made by the auctioneer at the time of the sale will take precedence over any and all previously printed material, or any oral statements made. All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The Farms are being sold on an “as-is, where-is” basis, and no warranty or representation, either expressed or implied concerning the property is being made by the Sellers or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries and due diligence concerning each farm. The information contained in this brochure is believed to be accurate, but is subject to verification of all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the sellers or the Auction Company. All sketches and dimensions in this brochure are approximate and based upon GIS, aerial photographs, and information provided by the county assessor. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. Agency: Farms America, INC/Ed Spencer Real Estate and Spencer Auction Group are agents for and represent the Seller’s in this transaction. All bidders will be considered customers, not clients.