Newman, Thompson, and Gray

Newman, Thompson, and Gray Law Firm. A general practice firm serving the Forest City area since 1997.

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Farmland Auctions

Mark Newman has over 25 years of experience as an auctioneer. He graduated from the World Wide College of Auctioneering in 1988 and is a member of the Iowa Auctioneer's Association.

Newman, Thompson, and Gray

Serving Forest City and the surrounding community since 1997.

Newman, Thompson and Gray

Serving the North Central Iowa community since 1997.

STORY COUNTY FARMLAND AUCTION -- Tuesday, September 9th Farmland Auction

Francis Roche Farmland Auction

Lincoln Township, Story County, Iowa 
Auction Held at the Dakin Community Center
Zearing, IA

Tuesday, Sept. 9, 2014 at 10:00am

CSR2: 84
TOTAL ACRES: 35 M/L

GENERAL DESCRIPTION:   NW 1/4 NE ¼ §11, Lincoln Twp. Story County Iowa.  Except survey.  This is a top quality, Central Iowa Farm to be sold at Auction!
Directions:  from Zearing, North 2 miles to 113th St, then East 1 ½ miles, on the North side, you will see the signs.


The Story County Assessor calculates 35.00 Gross acres with  a half acre of road Right of Way.  This is 34.5 net, taxable acres – all appears to be farmable.  There is a 5 acre building site sold off the ‘forty’ -- see the survey included in packet. We looked at the  FSA currently farmable acres and they show 37.7 Acres on the farm maps, this is because the tenant has been combining part of his land with the land to be sold, that will be changed after you become the buyer.  We will not charge for the road ditch acres.

If you are the buyer, you can harvest the corn.  You have the corn for this year to do what you like with, as soon as closing takes place, on October 9, or sooner if all parties are prepared. 

The farm will be auctioned on a ‘per acre’ price increment.  We generally take one short break.  This will give the buyers time to make a call or consult with each other briefly.  If the price is acceptable to the Sellers, and it generally will be, then the Sellers will announce an absolute auction. 

Seller will offer contract terms, Additional 10% down on closing, 1 1/2 % of principal balance every six months plus 4% interest, balloon payment in three years.  You can payoff early at any time.

This is a great, Central Iowa Farm offered at Auction.  The seller intends to sell -  she reserves the right to reject any or all bids.

When the last bid has been made, the auctioneer may cry “SOLD” and the high bidder will sign the sales contract.    Auctioneer reserves right to decide on bidding increments, as usual.

Price is top bid multiplied by 34.5, not ‘so much per acre’.

The written contract will take precedence over any terms advertised and any announcements made sale day take precedence over statements and ads made prior to the time we say, “sold.”

Terms:  20% down at auction.  Do not bid if you have not reviewed the written contract before the auction.  The Buyer must sign the written contract, inform us of the closing attorney, and an abstract brought up to as close to the auction date as we can and will be delivered to the Buyer’s attorney for examination.

Taxes:  $916 per year.  Since you get the 2014 crop, the Buyer pays the Farm Real Estate Taxes due in March, 2015 and after.  Taxes due in Sept, 2014 will be paid by Seller; 

Closing October 9, 2014 at Seller’s location.

Abstract will show marketable title in the Seller, T. Barton and Marketable Title Warranted to time of closing.

Subject to approval and completion of Estate Proceedings. 

General Lay of the Land:


The farm lays rolling to fairly level; there are a few ups and downs, the soils and the layout are the best parts of this farm!  This soil is mostly Prime farmland and the slope is generally from 2 – 5% it is a CSR2 of 84.  Effective soil erosion control has been employed and it would benefit the new owner to do the same.  The configuration is good!    The Farm is a square with a rectangle substation out of the SW corner for a hayshed and working farm site (no house).  

None of the farm appears to be in CRP, the farm is Non- HEL and none is certified wetland.  The grass strips are apparently not in CRP and if that is true, they could probably be farmed, though they serve a purpose.

Accessibility:

The land is accessible on the South. 

The farm is located close to several Grain Buying Points and the local elevators. 

Corn/Bean Base Acres:

Corn Base can be calculated by the FSA.  There is an “open file” on this farm, the FSA office had this compiled with the farm on the South, there were 68.32 total cropland acres with a total base acres of 58.8, so you can see that this has a very good corn and bean base, the breakdown is on the 5648 form included in the packet. :

Drainage:

This farm is mostly in Drainage District 47. 

Private tiling has been done, we do not have a private tile map available.     There is enough slope in most of the farm to allow for some directional surface runoff and it is easy to calculate where to place or maintain tile to keep this farm dry (no problem last year!).   It would appear that running down the ROW ditch to the West would lead shortly to a 22” county tile.  Iowa weather is one of averages.  It is never average.  We will have very dry years and very wet years. 





Soil Types and Amounts:

The land is predominantly Clarion Loam (40.3%).  It also has about 26% of Webster Clay Loam.  These two soils comprise nearly 70% of the farm.   The third most populous soil is Nicollet Loam, 1- 3 % slope (CSR2 89)  This is about 11% of the farm.  The sols are considered  prime type soils which is very desirable.  The farm is above  average for an Iowa farm.

Clarion Loam (40.3%).  Soil L138B, & 638 C2 (10.7%)  Total comprise 50% of the farm, CSR2 from 88 (40.3% of farm) to 70 (10.7% of farm Clarion/Storden.

This is deemed to be Prime Farmland.  This is well drained, moderately permeable soils which were formed in glacial till.  The native vegetation was prairie grasses which created a deep brown to very gray and dark brown loam ranging to 50 inches deep.    The soil is mildly alkaline and sometimes extends to a pebbly underlayer.  These areas can grow a good crop.  Runoff is moderate except where tile takes the water away from the farm, generally functioning well in this type of soil.  The corn suitability rating is considered very good with an 88 CSR2 on most areas

Webster Loam   Soil number 107     CSR2   86         26.8% of the farm

This soil is poorly drained unless tiled and the native vegetation was water tolerant grasses.  The resulting soil ranges to 60 inches deep of olive gray soil high in organic material.  The soil is rich in micronutrients and needs  little nitrogen fertilizer in order to grow a good crop.  Drainage is necessary in most places and, given a good tile outlet, this soil can be some of the most productive soils in the State. 

Nicollet  Soil Type 55   CSR2 89 11% of farm.

This is one of the finest corn growing, Prime soils in Iowa.  It is very gently sloping, and poorly (naturally) drained soil.  In a few places it is on concave slopes between undulating areas of well drained soils.  Typically, the surface layer is black loam about 7 inches thick.  It does not erode easily.  The subsurface is black very dark brown and very dark grayish brown loam about 12 inches thick.  The subsoil is about 28 inches thick.  Permeability is moderate.  Runoff is slow.  Well suited to corn and beans.  About 4-6 % organic matter in the top layer.  Prime soils on level areas. 

Soil information taken from Beacon.


Configuration:

This farm is a ‘square’ but there is an acreage in the corner (no house).  The farm has a county road right of way on the South  side which we do not make you buy like some auctions. 







Terms:  20% down in cash at auction.  The farm was custom farmed by the Francis Roche Estate for the 2014 crop year.  And it is our understanding that the Executor will deed off the land to Tammy Barton with the crop on it.  When you close, you, the new Buyer can enter for harvest and to do fall work. 

Taxes:  $916 per year.  Seller will pay the taxes due in September, 2014, Buyer will pay all taxes after that. 

Closing is set for October 9, 2014, but may be delayed shortly if the Estate does not have the land out to T. Barton.  Have your finances in order.   Proxy bidding by prior approval, only.  No Buyer’s Premium. 


Abstract will be delivered at the auction to the abstract office for delivery to Buyer’s attorney.  It will show marketable title in the seller and Warranted to time of closing.

Contract:  Cash at closing OR You allowed to pay an additional 10% at closing & may to make semi-annual payments of 1.5% of the principal balance plus  4% interest on the unpaid balance & with right to pre-pay; balloon payment 3 years.

Summary:

This is a good farm which I consider to be “good” farmland.  On a scale of 1 -10 this would rate about a 9.5 compared to other Iowa farms. The farm would be considered desirable in today’s market and profitability atmosphere.

All announcements made on sale day take precedence, all data taken from sources believed to be reliable, the FSA office and NRCS data, the Drainage Record Books and the Assessor’s office and Treasurer’s records are open for inspection.  This Sales Data Packet is not intended to be a Guarantee, nor is it a substitute for the Buyer’s own careful inspection. 














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