Greene County, Iowa 180 +/- Auction

Mark your calendar for Saturday, June 24^th, 2023, at 10:00 am. 

KILOTERRA is proud to represent the Edward and Betty Morgan Revocable Trust and Jack & Linda Murphy in the sale of a combined 180 +/- gross acres in Greene County, Iowa.

This is a unique offering, whereby two adjoining family farms will be offered together, at our upcoming Live and Online Land Auction, available by buyer’s choice.  Together, the tracts offer (3) high-quality tillable farmland tracts, with 80+ acre soils, a home with 2 machines sheds, and a recreational tract, all available for the first time in decades.

The farm is located between Scranton and Jefferson, Iowa, at the intersection of paved County Highway J Ave and 230^th Street in Section 9 of Jackson Township.

The 140 +/- acre Morgan Farm is available to the public market for the first time in 60 years.  The tillable tracts on this farm offer a rare opportunity to own an investment grade farm with pavement access and multiple improvements already in place.  The tracts feature 80+ CSR2 rated Loam soils of primary types Clarion, Lester, and Nicollet.  The existing tenant has farmed this land for many years and taken great care of this property.  Currently, the farm is in a corn/bean rotation.

We will also be presenting 40.37 acres of the Murphy Farm, which is 100% high quality tillable land, and adjoins the Morgan Farm.  This portion of the land is rated just under 76 CSR2, and features high quality loam soils including: Clarion, Nicollet, and Webster Clay Loam.  This tract sits perfectly for a nice add on to the other tillable tracts that will be available.  The 40-acre field has an older clay tile system that drains to the South out of a 10” Tile by the railroad. Lime was also just applied in 2023. This tract would make for an ideal starter farm for a beginning farmer or investor, as well as a nice add on piece to Tracts 1 or 2.

Ample grain marketing opportunities exist nearby with Landus Cooperative in Jefferson and NEW Cooperative on HWY 4 South of Jefferson, both within 15 minutes, as well as (3) Three Ethanol plants within 25 minutes of the farms, all easily accessible from the paved access running along the East side of this farm offering.

In addition to the tillable tracts, a 15 +/- acre recreational piece, situated between several hundred acres of timber to the North and the crop fields to the South.  This smaller piece includes heavy timber and some open pasture acres, which is sure to make for some excellent hunting opportunities or an affordable place to build a weekend cabin.

Situated near the center of the tillable tracts, a 3-bedroom 1 Bath home sits on approximately 3.5 acres, which includes 2 large machine sheds.  This tract would be ideal for additional equipment storage, with the home providing rental income or future home.

Don’t miss this Live and Online KILOTERRA Land Auction for your chance at some highly productive Iowa Land, an affordable recreational tract, and a country home with outbuildings.

This Property will be offered in the following five (5) tracts:

Tract 1: 53.69 +/- acres with 48.4 tillable acres carrying a CSR2 of 80.0.  This tract is Cash rented at $250/tillable acre.  New buyer receives 60% of cash rent, paid November 2023, guaranteed by seller.  Possession at closing, subject to tenant’s rights.  Estimated annual taxes: $1,925.

Tract 2: 67.93 +/- acres with 62.75 tillable acres carrying a CSR2 of 82.6 including (1) 36’ x 22’ round grain bin with a 2019 Sukup D0701 – 10HP drying fan. Cash rented at $250/tillable acre.  New buyer receives 60% of cash rent, paid November 2023, guaranteed by seller.  Possession at closing, subject to tenant’s rights. Estimated annual taxes: $2,500.

Tract 3: 40.37 +/- gross acres with 40.37 tillable acres carrying a CSR2 of 75.8. Cash rented for 2023 and seller to retain 100% of cash rent. Possession at closing, subject to tenant’s rights. Parcel Number 1009100010, with estimated annual taxes of $1,446.46.

Tract 4: 14.70 +/- Acres with 3 acres of pasture and the balance in timbered draws.  Cash rented for 2023, and seller to retain 100% of cash rent.  Possession at closing, subject to tenant’s rights. Estimated annual taxes: $255.

Tract 5: 4.63 +/- Acres with a 1,527 SF Home, 3 Bedroom, 1 Bath, detached garage, built in 1900; (1) 42’ x 72’ Morton Building, dirt floor, sliding doors on both ends, built in 1990; (1) 54’ x 108’ Morton Building – 16’ High, (2) Sets of sliding doors, with ¼ of the length concrete floor, built in 1979.  Lease terminated prior to closing, and immediate possession available upon closing.  Estimated annual taxes: $550.

Home / Building Inspections: Property will be open for inspection June 11^th and June 18^th, 1-4 PM.

For assistance registering for online bidding, or for questions regarding this property, contact Listing Agent, Chris Wearmouth at (515) 993-7732

USDA Information:

Farm 3161 – 140 AC +/- Morgan Family Trust (Tract 1 & 2)

• Farmland Acres: 129.08
• Cropland Acres: 111.15
• DCP Crop Data (Corn): 55.90 Base Acres, PLC Yield 150 bu/ac
• DCP Crop Data (Soybeans): 54.50 Base Acres, PLC Yield 50 bu/ac

Farm 5633 – 40.37 AC Murphy Family Farm (Tract 3)

• Farmland Acres: 40.37
• Cropland Acres: 40.37
• DCP Crop Data (Corn): 19.99 Base Acres, PLC Yield 151 bu/ac
• DCP Crop Data (Soybeans): 19.8 Base Acres, PLC Yield 47 bu/ac

General Summary:

• Auction Date & Time: Saturday, June 24^th, 2023, at 10:00 am. 
• Auction Location: Scranton Community Center. 900 Madison St Scranton, IA 51462
• Online Bidding: YES (prior registration required)
• Auction Method: Tract 1-4, Price per Acre, Buyer’s Choice. Tract 5, Lump Sum, Traditional.
• Gross Acres: 180 acres +/-
• Location: East of Jefferson, Iowa approximately 6.5 miles in Section 9 Jackson Township.
• Sign on Property: YES
• School District: Green County Schools
• Closing: August 8^th, 2023
• Terms: Cash/Conventional, not subject to buyer financing. 10% Earnest Deposit Due day of Auction. See full terms and conditions below.
• Abstract: Seller(s) will provide an abstract continued to the date of purchase, at Seller’s Expense.
• Survey: Seller(s) will provide survey at seller’s expense, prior to closing.
• Possession: Possession of Land is immediate upon closing, Subject to Tenant’s Rights.  Possession of home and buildings (Tract 5) is immediate upon closing.
• Parcel Numbers: 1009100008, 1009100009, 1009100005, Part of 1009200009, 1009200005, 1009200007; 1009100010, and Part of 1009200004
• Home / Building Inspections: Property will be open for inspection June 11^th and June 18^th, 1-4 PM.

Legal Description(s):

Farm 3161 – 140 AC +/- Morgan Family Trust (Tract 1, 2, 4, & 5)

Briefly Described as: N5/8 E1/2 W1/2 NW1/4 (EX PT OF PCL A N1/2); NE1/4 NW1/4 (EX PT OF PCL A N1/2); N1/4 SE1/4 NW1/4; ALL N OF RR SW1/4 NE1/4 (EX LOT 14); SE1/4 NE1/4 (EX LOT 16 & RR); NE1/4 NE1/4 (EX LOT 11);  NW1/4 NE1/4 (EX PT OF PCL A N1/2 & EX PT OF LOTS 1,2,4,5,6,7,8,12 & 14) all in Section 9/ Township 83/ Range 31. Exact Legal to come from abstract

Farm 5633 – 40.37 AC Murphy Family Farm (Tract 3)

Briefly described as Section 09/Township 83/Range 31 PCL A LOT 14.

 AUCTION DETAILS

Live and Online Land Auction
180 Acres M/L in Greene County, Iowa (Offered in 5 Tracts)

Seller(s): Edward & Betty Morgan Revocable Trust, and Jack & Linda Murphy

Auction Time & Location:

Saturday, June 24th, 2023 at 10:00 AM
Scranton Community Center 
900 Madison St
Scranton, IA 51462

Online Bidding: Online bidding is available via the KILOTERRA bidding app.  Register to bid at www.kiloterra.bidwrangler.com

Morgan Trust Attorney: FINNESETH, DALEN & POWELL, P.L.C.

Jack & Linda Murphy Attorney: MUMMA & PEDERSEN

Agency Disclosure: KILOTERRA and its agents are exclusive representatives of the seller.  Successful bidder(s) acknowledge they are representing themselves in the transaction and are responsible to complete the transaction if identified as the winning bidder.

Auction Method: All tracts will be sold via the Live Public and Simultaneous Online Auction on June 24^th, 2023, 10 AM, at the Scranton Community Center, 900 Madison St, Scranton, IA 51462. 

Tracts 1, 2, 3, and 4 will be sold using the “Buyer’s Choice” auction method on a price/acre basis, whereby the high bidder can take, in any order, the tracts of their choice, at their high bid. The bidding will continue as “Buyer’s Choice” until the first 4 tracts have been purchased.

Tract 5 will be offered on a lump sum price basis via a traditional auction on at the conclusion of the first 4 tracts.

Tracts will not be offered combined together at the conclusion of bidding.

This is a Reserve Auction, and the seller reserves the right to accept or reject any and all offers.

Bidder Registration: All bidders must register with KILOTERRA and obtain a bidder number prior to the start of the auction to place a bid at the Auction. Online bidders must register with KILOTERRA and receive prior authorization 24 hours prior to the auction to participate.  Online bidder registration is located at this web address: https://kiloterra.bidwrangler.com/ui

For assistance registering for online bidding, or for questions regarding this property, contact Listing Agent, Chris Wearmouth at (515) 993-7732

Online Bidding Disclaimer: The use of online bidding does exhibit a risk due to internet outages, load time issues, responsiveness and other delays that can cause a problem with your ability to bid competitively in an auction.  KILOTERRA is not liable for any interruption or other technology related issue that prevents a bidder’s ability to bid on this auction.

Earnest Money Deposit: A deposit in the amount of 10% of the gross sale price is required on the day of auction.  Earnest money must be made in the form of cash or check, payable to KILOTERRA Trust and will be held by KILOTERRA’s Trust Account until the day of closing.

Farm Lease and Payments:  Tract 1 & 2 is cash rented for 2023 crop year, at $250/acre on 113 acres ($28,250). On these tracts, 60% of full payment will be paid to the winning bidder in November 2023.  Seller (Edward and Betty Morgan Joint Revocable Trust) guarantee payment.

Tract 3 is cash rented for 2023 crop year. Seller (Jack & Linda Murphy) will retain 100% of the 2023 cash rent. 

Tract 4 is leased for grazing through March 1^st, 2024 and Seller (Edward and Betty Morgan Joint Revocable Trust) will retain 100% of cash rent.

Tract 5 will have the lease terminated prior to closing, and no payments will go to buyer.

No tracts in this Auction are encumbered by CRP contracts.

Closing and Possession: Closing will occur on or before August 8^th, 2023, or as otherwise agreed by the buyer and seller. The balance of the purchase price is due at closing, in the form of cash, certified check or electronic wire transfer.  Closing will be performed by the Seller(s) Attorneys. 

Tracts 1-4: The winning bidder(s) will have immediate possession, upon closing of the property, subject to tenant’s rights with full possession March 1^st, 2024.

Tract 5: The winning bidder will have immediate possession upon closing.

Agency Acknowledgement & Purchase Agreement: Immediately upon conclusion of the Auction, Winning Bidder(s) will sign an Agency Disclosure and Acknowledgement which indicates KILOTERRA is representing the Seller(s) and Winning Bidder is representing themselves. 

Contract and Title: Winning Bidder(s) will enter a Real Estate Sales Contract with the seller(s), which detail the terms of the sale as outlined herein.  Winning Bidder(s) will also deposit with KILOTERRA the Earnest Money deposit.  This sale is not contingent upon Buyer Financing Approval and will be considered a Cash Transaction. The seller will provide a current abstract at their expense.

Full legal descriptions will come from the abstract.  Gross sale prices will be calculated as follows:

Tract 1-4: High bid price multiplied by the gross acres of the tract.

Tract 5: The sale price will be the winning lump sum high bid price.

Improvements: Improvements, such as but not limited to fences, buildings, terraces, tiling, grain bins, homes, structures, etc. are in “as-is condition” and will not be further improved, updated, or replaced by the sellers prior to closing.  Note that fence lines may not be directly on the legal boundary and any desire to relocate, replace, or improve fencing or buildings shall be the responsibility of the Buyer. 

Disclosures: This sale is subject to all easements and servient estates appurtenant thereto and subject to any zoning restrictions, restrictive covenants, easements, leases, mineral reservations, and restrictions of record, if any exist.  All property is sold on an “As is – Where is” basis with no warranties expressed or implied by the Auctioneer, KILOTERRA, KILOTERRA’s agents, or the Seller.  Any announcements made day of Auction by the Auctioneer or Listing Agent(s) will take precedence over any previously published public marketing information.  Bidding increments are at the discretion of the Auctioneer and all decisions of the Auctioneer are final.

Disclaimers: Farm Program Information is provided by the United States Department of Agriculture (USDA) offices.  All field boundaries are taken from these and other sources believed by the seller and KILOTERRA to be accurate.  Values included in statements and or published marketing including but not limited to the conservation plan, gross acres, total crop acres, FSA acres, base acres, and CSR2 ratings, are believed to be reliable and are estimates by the seller and KILOTERRA.  However, it is expressed that this information is subject to change if/when the farm is reconstituted by the Green County FSA and NRCS offices and prospective bidders acknowledge that these values may vary from figures stated within marketing material or day of auction.

Prospective Bidders shall perform their own inspection of the property prior to bidding at the auction.