Quince Road , Elk Horn, IA 51531(Shelby County)

Of the total 320 acres m/l, the Larsen Farm includes 305.66 estimated cropland acres and a CSR2 soil rating north of 90 (compared to the Shelby County average CSR2 soil rating of 69). The top-producing loess soils on this farm contain the very deep, well drained Marshall clay loams that cater to increased crop production. Located in a strong farming community near several competing grain markets including both grain elevators and ethanol plants, these tracts would make for a great add-on unit to an existing farm operation or investment-grade quality land purchase. The farmland and acreage sites have been cared for and managed by the current farm operators family for over 50 years. Two older, but improved, single-family homes and acreage sites will be offered for sale and included in this auction. Both homes have received several updates and maintenance over the years and are good homes for a buyer wanting to enjoy the countryside. These homes can be viewed by contacting the listing agent, Matt Adams, or by attending the Open Houses on Thursday, October 7th from 4:00 PM to 7:00 PM and October 17th from 1:00 PM to 4:00 PM.

Tract 1: 157.75 acres m/l with 154.62 estimated cropland acres and an average CSR2 soil rating of 91.1.

Tract 2: 154.50 acres m/l with 151.04 estimated cropland acres and an average CSR2 soil rating of 94.

Tract 3: Home and 2.5-Acre Acreage Site (to be surveyed) An older, 1,352 Sq. Ft., two-story home with 4 bedrooms, 1 bath. Locally known as 229 Quince Road, Elk Horn.

Tract 4: Home and 5.5-Acre Acreage Site (to be surveyed) An older, 1,552 Sq. Ft., two-story home with 3 bedrooms, 1 bath. Locally known as 201 Quince Road, Elk Horn. This acreage site includes a machine shed and approximately 18,000 bushels of grain storage.

The four tracts will be offered via Public Auction and will take place at 10:00 AM at the Walnut Community Center - Warrior Hall, 415 Antique City Drive, Walnut, Iowa 51577. The farmland tracts (Tracts 1 & 2) will be sold as two individual tracts using the "Buyers Choice" auction method on a price per acre basis, and the high bidder can take, in any order, one or both tracts for their high bid. "Buyer's Choice" auctioning will continue until both tracts have been purchased and removed from the auction. Acreage sites will be offered through a traditional auction where each acreage is auctioned separately as a total purchase price. Tracts will not be offered in their entirety at the conclusion the auction. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available.

Details

FSA Cropland Acres: 306.41

Base Acres: 306.40

Corn: 153.20 base acres with a PLC Yield of 177

Soybeans: 153.20 base acres with a PLC Yield of 49

*Farm program Information is for the four tracts. Base Acres will be adjusted per the default method when the Farm is reconstituted by the Shelby County FSA office.

AUCTION DETAILS

Shelby County Land Auction

320 Acres M/L

Wednesday, October 27th, 2021 at 10:00 AM

Seller: Robert L. Larsen Estate

Auction Location:

Walnut Community Center (Warrior Hall)

415 Antique City Drive

Walnut, Iowa 51577

Online Bidding: Visit our website.

Auction Method: The four tracts will be offered via Public Auction and will take place at 10:00 AM at the Walnut Community Center - Warrior Hall, 415 Antique City Drive, Walnut, Iowa 51577. Both farmland tracts (Tracts 1 & 2) 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, one or both tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until both farmland tracts have been purchased and removed from the auction. The acreages will be offered through a traditional auction where each acreage is auctioned separately as a total purchase price. Tracts will not be offered in their entirety at the conclusion the auction. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available. The houses will be sold on an as is, where is basis and since the property is owned by an Estate, the Seller is exempt from the Time of Transfer requirements. Should a Buyer want to repair, perform maintenance, or replace the septic system, it will be at their sole expense and responsibility.

Tract 1: 157.75 Acres M/L

Tract 2: 154.50 Acres M/L

Tract 3: 2.25 Acres M/L (North Acreage Site)

Tract 4: 5.50 Acres M/L (South Acreage Site)

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.

Farm Program Information: Farm Program Information is provided by the Shelby 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 Shelby 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 Peoples Companys Trust Account.

Closing: Closing will occur on or before Wednesday, December 15th, 2021. The balance of the purchase price will be payable at closing in the form of cash, guaranteed check, or wire transfer. The sale of property will be subject to Court Approval, if needed.

Possession: Possession of the land will be given At Closing, Subject to Tenant's Rights.

Farm Lease: The farm is currently leased for the 2021 cropping season and will be open for the 2022 cropping season.

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

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.

Surveys: Surveys will be completed by the Seller for Tracts 3 & 4. Tract acreages are subject to change prior to the auction. No additional surveying or staking will be provided by the Seller.

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. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made 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.