Guthrie County Land Auction

Mark your calendar for Thursday, June 6^th, 2024 at 10:00 am. 

KILOTERRA is proud to represent Jerry & Wilma Strickland in the sale of 151.48 Net acres of high-quality tillable farmland in Guthrie County, Iowa. This farm is available to the public market for the first time in over 35 years, and offers the rare opportunity to own an investment grade property with pavement access.

Located in Guthrie County, in Section 18 of Union Township, this farm will be offered in a single tract containing 143.92 FSA tillable acres carrying a CSR2 of 74.5. The farm consists of over 70% Marshall silty clay loam soils with slopes ranging from 2-14%. There are 133.81 acres in crop production carrying an above average CSR2 of 74.1. The remaining 10.11 FSA tillable acres are enrolled in well maintained CRP waterways paying $1,453 annually until 2029 and $367 annually until 2030. The balance of the farm is in terraces and 6.4 acres of an old farmstead.

This high-quality farm is located in a strong farming community and would make for a great add-on tract to an existing farming operation or an investment for the Buyer looking to diversify their portfolio. In 1991 there was extensive terrace, waterway construction, and tile work installed to improve the soil health on this farm. The tenant has the farm leased for the 2024 crop season ending the last day of February 2025, and the Seller will retain all 2024 cash rent. Possession will be at closing, subject to tenant’s rights. The farm lease will be open for the 2025 cropping season.

Absentee bidding will be available via online bidding.  Online Bidders must register 24 hours prior to the day of auction.

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

USDA Information:

• Farmland Acres: 150.32
• Cropland Acres: 143.92
• DCP Crop Data (Corn): 133.81 Base Acres, PLC Yield 149 bu/ac

General Summary:

• Sign on Property: YES
• General Farm Location: 10 miles East of Audubon
• Brief Legal Description: SW FR ¼ of SEC 18 – TWN 80 – RNG 33. Exact Legal to come from abstract.
• Parcel Numbers: 0000859402; 0000859401; 0000859501; 0000859300; and 0000859200.
• Gross Acres: 154 acres +/-
• Annual Taxes 2022 (Paid 2023-2024) – Est. $4,622
• Online Bidding: YES (24 hrs prior registration required)
• Closing: August 8^th, 2023
• Possession: Immediately upon Closing, Subject to Tenants Rights.
• Terms: Cash/Conventional, not subject to buyer financing. 10% Earnest Deposit Due day of Auction.
• Abstract: Seller will provide an abstract continued to the date of purchase, at Seller’s Expense.

AUCTION DETAILS

Guthrie County, Iowa Land Auction

151.48 Net Acres

Thursday, June 6, 2024 at 10:00 AM

Auction Location:

Audubon Recreation Center

703 Southside Ave

Audubon, IA 50025

Online Bidding: Register to bid at www.kiloterra.bidwrangler.com

Seller’s Attorney: Eric Reinhart, Bruner & Bruner LLP

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: This property will be offered via Public Auction in one individual tract on a price per acre basis through a traditional auction.  Participants may view the auction in our Virtual platform, where Online bidding will be available. 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 in order to participate.

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 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 Possession:  Seller (Jerry & Wima Strickland) will retain the 2024 cash rent.  The winning bidder(s) will have immediate possession, upon closing of the property, subject to tenant’s rights.

CRP Payments:  10.11 acres of the FSA tillable acres are enrolled in two CRP contracts. 8.21 acres are enrolled in an Environmental Priority CRP contract expiring 2029 paying $1,453 annually. 1.9 Acres enrolled in an Continuous CRP contract expiring 2030 paying $367 annually. The CRP payment paid in October of 2024, will be pro-rated to the date of closing.

Closing and Possession: Closing will occur on or before August 8^th, 2024, as 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 Seller’s Attorney.  Possession will be immediate upon closing, subject to tenant’s rights.

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, 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, and gross sales prices will be calculated based on surveyed acres,  the sale price will be calculated on Price Per Acre X 151.48 Net Taxable Acres.

Improvements: Improvements, such as but not limited to fences, buildings, terraces, tiling, 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 are subject to change if/when the farm is reconstituted by the Cass 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.