SCHWERY FAMILY LLC.,
 REAL ESTATE AUCTION
229.92 ACRES
SECTIONS 25&36, WASHINGTON TOWNSHIP,  SHELBY CO., IA, 

MONDAY, JANUARY 23RD,  2023  @ 11:00am  

SIMULCAST ONLINE BIDDING AVAILABLE DURING LIVE AUCTION
Please go to www.jimschabenrealestate.com for details.                    
SALE LOCATION:  St. Mary’s Parish Hall, 200 N 2nd St., Panama, Iowa

 


TRACT 1: 79 ACRES CSR2 62.9

LEGAL DESCRIPTION:  For a copy of the legal description please contact Schaben Real Estate.
FARM LOCATION:  From the intersection of F32 and Hwy 191 South of Panama, go 1 1/2 miles East on F32 then 3/4 Mile South on Ginkgo Rd. The farm is located on the West side of Ginkgo Rd.

PHYSICAL DESCRIPTION: A rolling hill farm with a few terraces. The farm is in a high state of fertility.

Soil Types: Monona Silty Clay, Judson-Ackmore-Colo Overwash, Ida Silt Loam, and Judson Silty Clay Loam

CSR: 62.9
Taxable Acres:  79    TAXES:  $2380

 

 

TRACT 2: 150.92 ACRES CSR2 66.5

LEGAL DESCRIPTION:  For a copy of the legal description please contact Schaben Real Estate.
FARM LOCATION:  From the intersection of F32 and Hwy 191 South of Panama, go 1 1/2 miles East on F32 then 1 Mile South on Ginkgo Rd. The farm is located on the West side of Ginkgo Rd.

PHYSICAL DESCRIPTION: A rolling hill farm with a few terraces. The farm is in a high state of fertility.

Soil Types: Monona Silty Clay, Judson-Ackmore-Colo Overwash, Ida Silt Loam, and Judson Silty Clay Loam

CSR: 66.5
Taxable Acres:  150.92      TAXES:  $4294.00

There is a current CRP contract for 2.25 acres of filter strips for a total dollar payment of $502. Contract expires on 9/30/28. The buyer of tract 2 will be required to assume the existing CRP contract


FSA INFORMATION ON ALL TRACTS

FSA INFORMATION on Tract 1 & 2:      Farm #4966  Tract #15719
Farmland: 224.59 acres                 Cropland: 223.67 acres   
Corn Base:  133.30 acres                PLC Corn Yield: 182  Bu.

Soybean Base:  83.20 acres                PLC Soybean Yield:  50 Bu.
Tracts 1&2 have been farmed as a single unit. The FSA information is based on that single unit. It will be up to the FSA to prorate the base and yield figures to tracts 1 & 2. Typically it will be prorated by percentage of tillable acres on each tract.



TERMS: At the conclusion of the auction the buyer(s) will be asked to sign a Real Estate Contract putting 20 percent of the sale price in escrow with Salvo, Deren, Schenck, Gross, Swain, & Argotsinger, PC Law Firm Trust Account, Marcus Gross, Attorney. Balance of the funds will be due and payable on or before closing on March, 15th, 2023.  Sellers will furnish buyer(s) with abstract showing marketable title and deed. Taxes will be prorated to closing date and paid by sellers. These two tracks are being sold subject to a lease for crop year 2023.  New buyers will receive 100% of the 2023 cash rent of $65,700.00, cash rent will be prorated to tillable acres on tract 1 & tract 2 and paid to the new owners.  Lease will be terminated as of March 1st, 2024.
CLOSING DATE: On or before March 15th, 2023
POSSESSION:  Landlords possession at closing. Full possession and full farming rights on March 1st, 2024.  Buyers retain all 2023 rental income.

ADDITIONAL CONDITIONS:  Property is being sold “as is” subject to any current right-of-ways or easements. All information has been gathered from sources deemed reliable, however neither Schwery Family LLC nor Schaben Real Estate, LLC make any guarantees, either expressed or implied, as to their accuracy. It is the responsibility of the buyer(s) to exercise due diligence to verify any and all figures. Any announcements made day of sale take precedence over printed material. All bidding increments are at the discretion of Schaben Real Estate, LLC. Successful bidder(s) will enter into a purchase agreement contract at the conclusion of the auction. Sale is not contingent on Buyer(s) financing. 
AGENCY DISCLOSURE: Schaben Real Estate, LLC  represents the seller in this transaction. Marcus Gross, Attorney for Schwery Family LCC.
For more info contact Jim Schaben at 712-263-9449.

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