SELLER
Helen L. Rabe Estate
Jim Rabe – Executor
Timothy McMeen of Harned & McMeen – Closing Attorney

AUCTION INFORMATION

123± Acres – Sells in 2 Tracts

Tract 1 – Home & Buildings on 21.67± Surveyed Acres

•        5 bedrooms, 1 3/4 baths, 1,700± sq.ft. of total living space.  View website for floor plan and room sizes.
•        Main level features a large living room, spacious eat in kitchen, 2 bedrooms, full bathroom, laundry and entry/mudroom.  Three bedrooms upstairs.  924 sq.ft basement with ¾ bath, storage areas and pool table.
•        Amenities include an all-electric home, rural water to house, well water to house & waterers and USA Communications fiber internet.
•        2025 updates include septic system, siding, shingles, gutters, facia, front door & water heater.  Most windows replaced within the last 5 years.
• Buildings:
  •       45’x81’ machine shed w/ partial concrete floors & 2 sliding doors.
  •       38’x42’ machine shed w/ partial concrete floors, 20’x38’ addition with insulation, Lennox hanging heater, concrete floors & 2 sliding doors.
  •       14’x72’ open faced shed.
  •        28’x48’ machine shed w/ 20’x48’ lean to.
  •        24’x26’ barn w/ 12’x24’ chicken house.
  •        20’x22’ detached garage w/ 8’x20’ lean to.
•        Balance of the acreage include pasture and a 2.5± acre, 20’ deep stocked pond (blue gill & bass).
•        Tax Parcels (That part of, new legal & PID# to be assigned): Part of 77021400 & Part of 77021550 = $1,587.00 Approx.
•        Included: LP tank, Washer, Dryer, Stove, Dishwasher, Pool table, Any item present on the day of final settlement/closing.
•        Not included: Rabe rock, All personal property, Farm Equipment, Wood, Metal building frame, All tenant’s livestock equipment.

Tract 2 – 101.29± Acres

•        Approx.: 58 cropland acres.
•        CSR2 is 60.7 on the cropland acres.
•        Balance of land being pasture and pond.
•        Located in Section 33, Leroy Township, Benton County, Iowa.
•        Tax Parcels (That part of, new legal & PID# to be assigned): Part of 77021400, Part of 77021550, 77021450, 77021500 = $1,669.00 Approx.
•        Not included: All tenant’s livestock equipment, Cabin trailer. 

Terms: 10% down payment on November 13, 2025. Balance due at final settlement/closing with a projected date of December 29, 2025, upon delivery of merchantable abstract and deed and all objections having been met.
Possession: Projected date of December 29, 2025.
Real Estate Taxes: To be prorated to date of final settlement/closing on the basis of the last available tax statement. The seller shall pay any unpaid real estate taxes payable in prior years.

Special Provisions: 

•        This online auction is a NO BUYER'S PREMIUM OR BUYER FEE auction.
•        Tracts will be linked together with the bidding set to close simultaneously. If a bid is placed with less than 4 minutes left, the time on the auction will extend another 4 minutes. This will continue until no bids are placed within the last 4 minutes. Each Tract will stay in bidding extension until there are no more bids placed on any of the Tracts that are linked together.
•        Down payment is due on the day the bidding closes and signing of the real estate contracts will take place through email and electronic document signatures, or in person at the Steffes Group Mt. Pleasant, IA Office.  In the event the auction bidding closes after 3:00pm, the earnest money will be due the following business day.
•        Seller has given both tenants notice of termination of the farm tenancy prior to September 1, 2025, with tenancy ending after January 1, 2026.  Therefore, land will be selling free and clear for the 2026 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 to be determined by the FSA office, as tract lines overlap field lines. 
•        Tract 1 has a recorded survey dated 9-18-2025 and will be selling lump sum price.
•        Tract 2 will be sold on a per acre basis with 101.29 acres being the multiplier used to determine the total bid amount.  The multiplier was calculated from prior survey work completed.
•        The Seller is not required to provide a survey of Tract 2. If the Buyer chooses to obtain a survey, the cost of the survey will be the Buyer’s responsibility. The total contract purchase price will not be adjusted to reflect any differences between the surveyed acres and acres stated. 
•        This real estate auction is selling subject to final approval of the survey and subdivision requirements of the county, if required.
•        If one Buyer purchases more than one tract, the Seller shall only be obligated to furnish one abstract and deed (Spouses constitute one Buyer).
•        Tract 1, 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 County & Iowa Laws & regulations. 
•        Tract 1 Buyer will reimburse the Seller for the remaining LP in the LP tanks on the day of possession, at the current rate at the time of possession.
•        This auction sale is not contingent upon Buyer’s financing, appraisal(s), 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 and paid to Seller.
•        The Buyer shall be responsible for any fencing in accordance with state law.
•        The Buyer shall be responsible for installing 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, easements, rights-of-way, ordinances, resolutions, leases, and mineral reservations, 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. Bidder acknowledges they are representing themselves in this real estate transaction.
•        Any announcements published or made the day of auction take precedence over advertising.