Timed Online - JOHNSON COUNTY, IOWA LAND 

IOWA CITY, IOWA

From Interstate 80 Exit 246, proceed ¾ mile north on Highway 1, then 2 ½ miles north west on Rapid Creek Road, then ½ mile south on Wapsi Avenue to 3015 Wapsi Avenue NE, Iowa City, IA.

Bidding Opens: Tuesday, July 21    

Bidding Closes: Tuesday, July 28, 2020 at 4PM

Open House on Tuesday, July 14^th from 4-5PM

69.37 Acres M/L – Sells in 1 Tract

Buyer to Receive Half of the Cash Rent!

69.37 Taxable Acres M/L with 52’x48’ Building & Home

Don’t miss your opportunity to purchase this tract of land within minutes of Iowa City! Featuring tillable farmland along a hard surface road with a 52’x48’ building and a 1,440 sq.ft. berm home.

• 52’x48’ insulated building offers a 36’x48’ shop area and a 16’x48’ tool room area. The tool room has Thermolec radiant in floor heat (closed system).
  One bay of the shop has concrete floors with a walk down work pit
  Second bay of the shop has rock floors for heavy crawler equipment.
• (2) 12’6”x13’ overhead doors
• 1,440 sq.ft. berm home built in 1978 and has a 24’x20’ detached garage
• The home is on a well
  

Approx. 52 acres tillable.
Corn Suitability Rating 2 of 61.5 on the tillable acres.
Located in Section 28, Graham Township, Johnson County, Iowa.

Included: Any items present on the day of closing.
Not included: 2020 crops, Air compressor, Fuel tanks, All personal property.

Real Estate Taxes:

Gross                  $4,299.06

Ag. Credit               ($31.17)

Net (Rounded)    $4,268.00

Terms:10% down payment on July 28, 2020. Balance due at final settlement with a projected date of September 11, 2020, upon delivery of merchantable abstract and deed and all objections have been met.

Possession: September 11, 2020. (Subject to tenant’s rights on tillable land)

Real Estate Taxes: To be prorated to date of possession on the basis of the last available tax statement. Seller shall pay any unpaid real estate taxes payable in prior years.

Special Provisions: 

• This online real estate auction will have a 10% buyer’s premium, capped at $1,000. This means the buyer’s premium in the amount of ten percent (10%) of the bid amount shall be charged to the Buyer and added to the bid amount to arrive at the total contract purchase price.  The maximum buyer’s premium charge will be $1,000.
• Bidding on the Tract will be by the taxable acre. The multiplier used will be the taxable acres of 69.37.
• Down payment is due on the day the bidding closes and signing of the contracts will take place through email and electronic document signatures.
• The tillable land is rented for the 2020 farming season.  Please note updated information on the lease.  The lease on the tillable land is based on 38 acres at $200 per acre.  Therefore the buyer will receive the second half rent payment from the tenant as follows: $3,800 due, October 1, 2020.
• It shall be the responsibility of the buyer to serve the tenant termination notice prior to September 1, 2020, if so desired.
• It shall be the obligation of the buyer to report to the Johnson County FSA office and show filed deed in order to receive the following if applicable: A. Allotted base acres. B. Any future government programs. Please note final tillable acres will be determined by the FSA office, as FSA fields are combined with other land not selling.
• This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
• Purchasers who are unable to close due to insufficient funds or otherwise, will be in default and the deposit money will be forfeited.
• There is a recorded easement, in favor of this tract of land, for vehicular ingress/egress and seasonal agricultural use of the private drive owned by the adjoining landowner to the south. View the easement here.
• Due to this being an estate, the seller will be exempt from Time of Transfer Inspection of the septic, according to Iowa Code 455B.172(11). Any future inspections, upgrades, repairs, maintenance or other matters to the septic system will be at the buyer's expense in accordance with Johnson County & Iowa Laws & regulations.
• Buyer will be responsible for installing their own entrance, if needed or desired.
• If in the future a site clean-up is required, it shall be at the expense of the buyer.
• The Real Estate is sold subject to any and all fence agreements, including but not limited to the Fence Agreement dated April 1, 2015, in Book 5348, Page 172; and the Fence Agreement dated May 8, 2015, and recorded on June 23, 2015, in Book 5384, Page 238. All Book and Page number references are to the records of the Johnson County Recorder. Both of these fence agreements have been posted at the bottom of this page.
• This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.

• The buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer is buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the real estate.
• Steffes Group, Inc. is representing the Seller.
• Any announcements made the day of sale take precedence over advertising.

Don't miss your chance to bid on Dump Trucks, Motorcycles, Motorhome, Equipment & more, also up for auction on July 28 by clicking HERE

Owners: Michael Robert Dewey Estate & Joan Dewey

Jay W. Sigafoose - Attorney for Sellers

For information contact

Nate Larson at Steffes Group, 319.385.2000 or 319.931.3944

Downloads:
Easement & Fence Agreement
Day of Auction Contract