Van Wert, IA 50262(Decatur County)

Auction Sale Period: July 1-3, 2024

Auction Sales Method: The farm will be sold as one individual tract on a price per acre basis to the high bidder. This is a RESERVE Auction and the final bid will be presented to the owners and their advisors to decide whether to accept the top bid. The trustees have every intention to sell the properties, but they have the right to reject any and all bids. Bidding opens at 8:00 AM on July 1st, 2024 & starts ending at 1 PM on July 3rd, 2024 with possible extensions until a final price is reached. The bidding will end at 1 PM on July 3rd, 2024 unless there is a bid in the last 5 minutes before the ending time. If so, the bidding will be extended another 5 minutes and so on until a final price per acre is determined. The final top bidder will be contacted by Gannon Real Estate & Consulting within 48 hours to report the owners decisions.

Online Bidding: It is the responsibility of the bidders to ensure they have access to a strong internet connection while bidding. By using Gannon Real Estates online auction platform, bidders acknowledge that Gannon Real Estate is not at fault for slow internet, connectivity issues or outages. No phone bids will be accepted without prior approval. All bidders must be registered on the website to bid.

Possession: Possession is subject to the present lease so full possession is on March 1, 2025.

Closing: Closing will be on or before August 12th, 2024, but we could accommodate a delayed closing for 1031 exchanges or other reasons if they are approved ahead of July 1st, 2024.

Earnest Money: A 10% earnest money payment is required to be paid when the final contract is signed. This will be paid in the form of a cashiers check, cash or wire transfer.

Farm Lease: The farm is leased for the 2024 season. The owner is retaining the 2024 lease payment. Seller will cancel the lease prior to September 1st 2024 or closing.

Contract and Title: Immediately upon conclusion of the auction, the highest bidder will enter into a real estate sales contract and deposit with Belin Law Firm Trust Account the required earnest money payment. The seller will provide an updated abstract at their expense. The sale is not contingent upon the Buyers financing.

Mineral Rights: All mineral rights will be conveyed to the buyer (if any).

Taxes: Real Estate taxes will be prorated to closing.

Survey: No survey will be performed.

Fences: The fences are assumed to be the right hand rule but this is not guaranteed nor the adequacy of the fences.

Other: The sale is subject to all easements, covenants and restrictions of record. The property is sold as is where is basis with no warranties expressed or implied by the Sellers or Gannon Real Estate & Consulting. Bidding increments are at the sole discretion of Gannon Real Estate & Consulting. Gannon Real Estate & Consulting only represents the Seller. SIRWA rural water agreement will be assumed at closing.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Sellers and Gannon Real Estate & Consulting. Overall tract acres, tillable acres, etc. may vary from figures stated within marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal description in the marketing material should not be used in legal documents. Full legal descriptions will be taken from the survey and abstract. Please do not drive on the property in wet conditions. The property is leased with cattle present so ask for permission before walking the property. Anyone that accesses the property assumes all liability for this access and damage to the property or cattle issues they cause.

Other Realtors: A split commission is offered under some conditions. Contact GREC for more information