Letts, Iowa
Land is generally located 1 mile north of Letts, IA on State Highway 305, then 1.3 miles east on 275^th St., then 4 ½ miles north on Independence Ave to 2310 Independence Ave., Letts, IA.  OR 6 miles west of Muscatine, IA on G28/231^st St., then ½ mile south on Independence Ave.

Auction to be held onsite at 2310 Independence Ave., Letts, IA.
Real Estate Sells at 11AM

TUESDAY, DECEMBER 12, 2023 AT 11AM

Open House on Tuesday, November 28^th from 10-11AM

418.61± Acres – Sells In 5 Tracts

85.7 CSR2

Selling Free and Clear for 2024 Farming Season!

Auctioneer’s Note:  A grand opportunity to purchase investment quality farmland in Muscatine County, IA.  This land offers row crop land with 85.7 CSR2, as well as a livestock setup with usable buildings and hay ground.  This Live land auction will be held on the same day as the Live equipment auction.  Bid live, in person or online at SteffesGroup.com

Online Bidding Available!

“Selling Choice with the Privilege”
Tracts 1-4 will be selling Choice with the Privilege and will be sold price per acre times the bid price. Whereas the high bidder may choose any Tract or Tracts or all Tracts or any combination of Tracts, in any order, times their high bid. This will continue until Tracts 1-4 are sold.  Once Tracts 1-4 are sold, then Tract 5 will be sold lump sum price.  Tracts will not be recombined. 

Tract 1 – 79.11± Acres

•        FSA indicates: 78.53 NHEL cropland acres.
•        Corn Suitability Rating 2 is 85.7 on the cropland acres.
•        A little history on this property, this was the former site of the St. John United Brethren Church <1893-1930 and the former site of the High Prairie School No.2 Circa 1860-1964.
•        Well on the property, condition unknown.
•        Located in Section 5, Seventy-Six Township, Muscatine County, Iowa.
•        View Tract 1 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 1 - Soil Map
•        View Tract 1 - Real Estate Contract

Tract 2 – 184.87± Acres with Buildings

•        FSA indicates: 141.87 cropland acres.
•        Corn Suitability Rating 2 is 77.3 on the cropland acres.
•        Buildings include: 20’x50’ open faced livestock shed & 23’x40’ open faced livestock shed.
•        There is an abandoned home with a detached garage, vintage fuel pump & underground tank & a windmill. Whether or not this property is eligible for a building permit will be completely at the discretion of the Muscatine County Zoning Office.
•        Balance of land being timber and a creek runs through this property.
•        Property has a well, condition unknown.
•        Located in Section 5, Seventy-Six Township, Muscatine County, Iowa.
•        Address: 1758 231^st St., Muscatine, IA
•        Not included: Hay bales, Livestock & Farm Equipment, Attached & unattached fencing & gates.
•        View Tract 2 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 2 - Soil Map
•        View Tract 2 - Real Estate Contract

Tract 3 – 74.72± Acres

•        Approx. 68 cropland acres.
•        Corn Suitability Rating 2 is 82.9 on the cropland acres.
•        Balance being timber and waterway.
•        Located in Section 8, Seventy-Six Township, Muscatine County, Iowa.
•        Not included: Hay bales
•        View Tract 3 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 3 - Soil Map
•        View Tract 3 - Real Estate Contract

Tract 4 – 77.91± Acres with Home & Livestock Setup

•        FSA indicates: 46.43 cropland acres.
•        Corn Suitability Rating 2 is 84.5 on the cropland acres.
•        Balance being home, buildings and pasture ground.
•        Home info:  Brick 2 story home built in 1894 with 3 bedrooms, 1 ½ baths, and 1,752 total sq.ft. of living space.
•        Building highlights include: 48’x72’ machine shed, 46’x60’ open faced machine shed, 36’x60’ open faced livestock shed, 21’x72’ open faced livestock shed, 18’x42 cattle shed, 88’x42’ barn, 20’x34’ detached garage, 20’x12’ detached garage, Concrete silo, 5,000 bu. grain bin, 4,500 bu. grain bin.
•        Property has a well, condition unknown.
•        Located in Section 8, Seventy-Six Township, Muscatine County, Iowa.
•        Address: 2310 Independence Ave., Letts, IA.
•        Included: Any items present on the day of final settlement.
•        Not included: 1,000 LP tank, Hay bales, Livestock & Farm Equipment, Attached & unattached fencing & gates.
•        View Tract 4 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 4 - Soil Map
•        View Tract 4 - Real Estate Contract
•        Please note: Sellers have discovered what they believe to be the femur of a mammoth, and have had conversations with the State Archeologist regarding the same. This sale shall be subject to the State of Iowa’s right to further investigate the potential mammoth remains and excavation if found.

Tract 5 - 2± Acres

•        Approx. 1 cropland acre.
•        Corn Suitability Rating 2 is 85.6 on the cropland acres.
•        There is an abandoned home on site that is not livable.  Home has not been lived in and has been used for grain storage in prior years.
•        Buildings include: 26’x48’ machine shed and a 5,000 bu. grain bin.
•        Old windmill, a well, condition unknown.
•        Located in Section 8, Seventy-Six Township, Muscatine County, Iowa.
•        Address: 1765 235^th St., Muscatine, IA.
•        Included: Any items present on the day of final settlement.
•        Property could be buildable with specific requirements met for Muscatine County Zoning.
•        View Tract 5 - Soil Map
•        View Tract 5 - Real Estate Contract

Terms: 10% down payment on December 12, 2023.  Balance due at final settlement with a projected date of January 25, 2024, upon delivery of merchantable abstract and deed and all objections having been met. Closing in 2023 is possible, but not promised.
Possession: Projected date of January 25, 2024.
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. 

The following taxes are approximate and will be used to prorate at closing:
Tract 1 - Tax Parcels: 1205400004, 1205400005, 1205400007, 1205400008  - $2,896.00 Net
Tract 2 - Tax Parcels: 1205300001, 1205300002, 1205400001, 1205300003, 1205300004, 1205400006 - $5,336.00 Net.
Tract 3 - Tax Parcels: 1208200001, Part 1208200003, - $2,522.00 Approx. Net
Tract 4 - Tax Parcels: 1208200002, 1208200004  - $4,078.00 Net
Tract 5 - Tax Parcels: Part 1208200003 - $168.00 Approx. Net

Special Provisions:

•        Seller has served termination to the tenant, therefore the land will be selling free and clear for the 2024 farming season.
•        It shall be the obligation of the Buyer to report to the appropriate County FSA office and show filed deed in order to receive the following if applicable:   A. Allotted base acres.  B. Any future government programs.  C. Final tillable acres shall be determined by the FSA office, as some field lines overlap Tract lines.
•        Tracts 1-4 will be sold by the acre with Assessor acres being the multiplier used to determine the total bid amount for said Tract.  Tract 5 will be sold lump sum price.
•        Seller shall not be obligated to furnish a survey.
•        If one Buyer purchases more than one tract, the Seller shall only be obligated to furnish one abstract and deed (husband & wife constitute one buyer).
•        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 Muscatine County & Iowa Laws & regulations.
•        This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
•        If a Buyer is unable to close due to insufficient funds or otherwise, Buyer will be in default and the deposit money will be forfeited.
•        The Buyer shall be responsible for any fencing in accordance with Iowa state law.
•        The Buyer shall be responsible for installing their own entrances if needed or desired.
•        If in the future a site clean-up is required, it shall be at the expense of the Buyer.
•        All mineral rights, if any, held by Seller will be transferred to Buyer upon closing.
•        This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
•        All lines, drawings, boundaries, dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents.
•        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.