Wayne County, IA
231.51 Acres M/L

County Highway J22 and Summit Road
Humeston, IA 50123
Listing #17467

Pending

Bid Online

Property Info

Description

Wayne County, Iowa Farmland Auction - Mark your calendars for May 9th, 2024, at 10:00 AM CST! Peoples Company is pleased to represent the Llyod Lee Holmes and Keo K. Holmes Revocable Trust in the sale of 231.51 acres m/l located in Wayne County, Iowa. This land offering consists of two high-quality tillable farms with 2024 farming rights available!! Early possession will be granted to the successful Buyer(s), see Terms and Conditions for additional information. These farms will be offered in two tracts via the Buyer's Choice auction method at the Wayne County Fair Grounds in Corydon, IA.

Tract 1: 80 acres m/l with 75.99 FSA cropland acres, carrying a CSR2 value of 50.9.
Tract 2: 151.51 acres m/l with 126.88 FSA cropland acres, carrying a CSR2 value of 51.3.

The farmland will be offered as two individual tracts via the “Buyer’s Choice” auction method through a live, in-person auction and a virtual, live online auction option. Online bidding will be available as well. With the "Buyers Choice" auction method the high bidder can take, in any order, one, or both of the tracts for their high bid. "Buyer's Choice" auctioning will continue until both tracts have been purchased and removed from the auction. The tracts will not be offered in their entirety or any combination after the auction.

Directions

Tract 1:  From Humeston, Iowa: Travel east out of town on County Highway J22 for 3 miles and turn left (south) onto 70th Street. Continue for approximately 1 mile and turn right (west) onto Summit Road for .125 of a mile to the farm located along the south side of the road. Look for the Peoples Company signs.

Tract 2:  From Humeston, Iowa: Travel east out of town on County Highway J22 for 3 miles to the farm located along the north side of the road. Look for the Peoples Company signs. 
  • Sign On Property: Yes
  • MLS Number: 691517
  • General Area: Humeston
  • Net Taxes: $2,149.00
  • Online Bidding: Yes
  • Auction Date: May 9, 2024
  • Possession: At Closing
  • Terms: Cash, Conventional, 1031 Exchange

Bid Online

Auction Details

Wayne County Land Auction
231.51 Acres M/L

Offered in Two Tracts
Thursday, May 9th, 2024 at 10:00 AM

Auction Location:
Wayne County Fair Event Center
800 2nd Avenue
Corydon, Iowa 50060

Online Bidding: Register to bid at http://peoplescompany.bidwrangler.com/. Potential bidders may have access to the live auction by utilizing Peoples Company's online auction platform via the Internet. By using Peoples Company's online auction platform, bidders acknowledge that the Internet is known to be unpredictable in performance and may, from time to time, impede access, become inoperative, or provide a slow connection to the online auction platform. Bidders agree that Peoples Company nor its affiliates, members, officers, shareholders, agents, or contractors are, in any way, responsible for any interference or connectivity issues the bidder may experience when utilizing the online auction platform.

Auction Method: All tracts will be sold on a per-acre basis and will be offered through the "Buyer's Choice Auction Method", whereas the winning bidder may elect to take, in any order, any or all tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until all two tracts have been purchased. Tracts will not be offered in their entirety or combined at the conclusion of the auction.

Tract 1: 80 Acres M/L
Tract 2: 151.51  Acres M/L

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.

Financing: The buyer's obligation to purchase the Real Estate is unconditional and is not contingent upon the Buyer obtaining financing. All financial arrangements are to have been made before bidding at the auction. By the mere act of bidding, the bidder makes the representation and warrants that the bidder has the present ability to pay the bid price and fulfill the Contract. 

Farm Program Information: Farm Program Information is provided by the Wayne County Farm Service Agency. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Wayne County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in the Verle W. Norris Trust Account .

Closing:  Closing will occur on or around Wednesday, June 12th, 2024, under the direction of Verle W. Norris, Attorney at Law at the Law Office of Verle W. Norris in Corydon, IA.  The balance of the purchase price will be payable at closing in the form of cash, guaranteed check, or wire transfer.

Possession:  Possession of the farm will be given at Closing and is available for the 2024 cropping season. Early possession may be granted upon deposit of earnest money and copy of liability insurance.  

Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Verle W. Norris Trust Account the required earnest money payment. The Seller will provide a current abstract at their expense. The sale is not contingent upon Buyer financing.

Cancelled CRP:  All the FSA tillable acres on Tracts 1 and 2 were previously in CRP contracts.  The owners recently cancelled all the contracts except 5.29 acres on Tract 1.  The CRP payment for the 5.29 acres will be prorated to the date of closing.  All the other FSA tillable aces are available to be put back into crop production.

Surveys:  No surveying or staking will be provided by the Seller. 

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per-acre basis. Peoples Company and its representatives are agents of the Seller. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made on auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstract. 

Location


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Description
This 80 m/l acre tract is 95% tillable and is located just 4 miles southeast of Humeston, Iowa. The farm has 75.99 FSA tillable acres carrying a CSR2 of 50.9 with primary soil types of Seymour silty clay loam, Edina silt loam, Clarinda silty clay loam, and Seymour silt loam. 70.70 m/l acres have recently come out of CRP and are ready to be put back into crop production. The remaining 5.29 acres around the pond are in CRP paying $1,004 per year till 09/30/2027. The pond is 2+ acres and is fully stocked with fish.
Legal Description
E1/2 NE1/4 of Section 25, Township 70 North, 23 West, Wayne County, Iowa. Exact legal description to be taken from Abstract.
Details
  • Acres: 80.00 Acres M/L
  • Parcel Number: 010S25200002,010S25200004
  • Net Taxes: $776.00
  • CSR2: 50.90

Directions
Tract 1: From Humeston, Iowa: Travel east out of town on County Highway J22 for 3 miles and turn left (south) onto 70th Street. Continue for approximately 1 mile and turn right (west) onto Summit Road for .125 of a mile to the farm located along the south side of the road. Look for the Peoples Company signs.


Description
This 151.51 m/l acre tract is located just 3 miles east of Humeston, Iowa. The farm has 126.88 FSA tillable acres carrying a CSR2 of 51.3 with primary soil types of Clarinda silty clay loam, Shelby clay loam, Zook-Olmitz-Vesser complex, and Arispe silty clay loam.  This farm is conveniently located on a hard-surfaced road with two driveway entrances for easy access to the farm.
Legal Description
N1/2 SW1/4; Part Of The SW1/4 SW1/4; Part Of The SE1/4 SW1/4 all in Section 18, Township 70 North, 22 West, Wayne County, Iowa. Exact legal description to be taken from Abstract.
Details
  • Acres: 151.51 Acres M/L
  • Parcel Number: 020G18300001,020G18300002,020G18300003,020G18300004
  • Net Taxes: $1,373.00
  • CSR2: 51.30

Directions
Tract 2: From Humeston, Iowa: Travel east out of town on County Highway J22 for 3 miles to the farm located along the north side of the road. Look for the Peoples Company signs.



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Photos

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Jared Chambers, CAI

LAND AGENT & AUCTIONEER

Jared@PeoplesCompany.com
Office: 515.222.1347
Mobile: 641.414.0234