WAPELLO, IOWA

Large Real Estate Auction - 7 Tracts

2 Lake Odessa Lots

3 Single & Multi Family Homes

2 Contracts for Deeds

THURSDAY, NOVEMBER 5, 2020 at 2PM

Real Estate Auction will be held at the Charles W Briggs Civic Center, 317 Water Street, Wapello, Iowa.

Open Houses on Wednesday, October 28^th  

Viewing times as follows:
Tracts 1-2 - View on your own
Tracts 3-5 from 1-2PM
Tracts 6-7 from 2-3PM

Auctioneer’s Note:  Here is your chance to get into the rental market, as Von & Kathy Smith are liquidating 5 rental properties. Having sold their Lake Odessa home, they will also sell 2 lots on Lake Odessa.
This is an auction you will not want to miss. 

Selling choice of Tracts 1 & 2, whereas the high bidder may take Tract 1 or Tract 2, or both Tracts, for their high bid.
This will continue until both Tracts are sold. Then selling choice of Tracts 3-7, whereas the high bidder may take any Tract or combination of Tracts, in any order for their high bid. This will continue until Tracts 3-7 are sold.
Tracts will not be recombined.

Tract 1 - $16,750.00

Tract 2 - $14,500.00

Tract 3 - $65,000.00

Tract 4 - $27,000.00

Tract 5 - $27,000.00

Lake Odessa Lots!

10.22 acres M/L – Sells in 2 Tracts. 
Make this your getaway place on Lake Odessa! Potential building sites overlooking Lake Odessa. Located off of E Avenue.

Please note: In regard to Tracts #1 & #2, there are known burial sites on the real estate and any purchaser must consult with the Office of the State Archaeologist before any digging or construction.

Tract #1– 5.09 Acres M/L on Lake Odessa
Tax parcel: 0928378000

Real Estate Taxes
Net                  $0.00 (Forest Reserve)

Tract #2– 5.13 Acres M/L on Lake Odessa
Tax parcel: 0928308000

Real Estate Taxes
Net                  $0.00 (Forest Reserve)

Rental Homes!

Tract #3 – 418 Franklin Street, Wapello, Iowa

Two story duplex offering a main level apartment with 2 bedrooms, 1 ½ baths and an upper level apartment with 2 bedrooms and 1 ½ baths. A detached 1 ½ car garage that is 17’x22’. All situated on a 74’x149’ lot. The main level is currently rented for $600 per month, on a month to month basis. The upper level is currently rented for $565 per month, on a month to month basis.

Not Included: Tenant’s appliances & personal property

Assessed Value: $78,790

Real Estate Taxes
Gross/Net: $1,618

Tract #4 – 702 South 4^th Street, Wapello, Iowa

One story home offering 3 bedrooms, 1 bath, 600 sq.ft. of living space, situated on a 60’x105’ corner lot. This home is currently rented for $475 per month, on a month to month basis.

Not Included: Tenant’s appliances & personal property

Assessed Value: $30,820

Real Estate Taxes
Gross/Net $632.00

Tract #5 – 402 South 2^nd Street, Wapello, Iowa

One story home offering 2 bedrooms, bath, 560 sq.ft. of living space, situated on a 74’x149’ lot. This home is currently rented for $600 per month, with a lease in place and expiring June 2021.

Not Included: Tenant’s appliances & personal property

Assessed Value: $31,300

Real Estate Taxes
Gross/Net $642.00

Selling Contract for Deed Notes

Tracts 6 & 7 have been sold on contract.  We will be selling the Contract for Deed Notes on Tracts 6 & 7. See SteffesGroup.com or copies of real estate contracts.

Tract #6 – 519 North 2^nd Street, Wapello, Iowa

The contract dated April 9, 2010 with $58,500 amortized over 20 years, interest rate of 9.0% and payment of $526.34/month. Balloon payment was due April 1, 2013, Seller has continued carrying the note. This contract note is not current.

Two story home offering 3 bedrooms, 1 bath, 1,372 sq.ft. of living space, detached 12’x44’ garage, situated on a 61’x110’ & 30’x149’ lot.

Not Included: Tenant’s appliances & personal property

Assessed Value: $44,010

Real Estate Taxes
Gross/Net $904.00

Tract #7 – 514 North 2^nd Street, Wapello, Iowa

The contract is $40,000 amortized over 20 years, interest rate of 9.0% and payment of $365/month.

One story home offering 3 bedrooms, 1 bath, 676 sq.ft. of living space, detached garage, situated on a 58’x149’ lot. 

Not Included: Tenant’s appliances & personal property

Assessed Value: $24,150

Real Estate Taxes
Gross/Net $496.00

Terms:10% down payment on November 5, 2020. Balance due at closing with a projected date of December 21, 2020, upon delivery of merchantable abstract and deed and all objections have been met.

Possession: Projected date of December 21, 2020 (Subject to tenant’s rights).

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

Special Provisions:

• All properties are selling subject to tenant’s rights. The rent will be prorated to the date of possession, any security deposits and/or pet deposits, if any, will be transferred at closing. It is the responsibility of the new buyer to give tenant(s) notice, if so desired. 
• Seller shall not be obligated to furnish a survey.
• This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
• 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.
• If in the future a site clean-up is required, it shall be at the expense of the buyer.
• The buyers acknowledge that he/she have carefully and thoroughly inspected the real estate and is familiar with the premises. The buyers are 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 out on the Timed Online Personal Property Auction
with Petroleum Memorabilia & Antiques,
also selling at auction on November 6 at 1PM - Check it out Here!

Downloads:
Day of Auction Contract - Tract 1
Day of Auction Contract - Tract 2
Day of Auction Contract - Tract 3
Day of Auction Contract - Tract 4
Day of Auction Contract - Tract 5
Day of Auction Contract - Tract 6
Day of Auction Contract - Tract 7