SELLER
Leland M. & Bonnie L. Nichols Revocable Trust
John Nichols, Tom Nichols, Jim & Kathy Lee – Co-Trustees
Larry J. Handley of Handley Law Firm, P.C. – Closing Attorney

AUCTION INFORMATION

80.2± Surveyed Acres – Sells in 2 Tracts
 

Tract 1 – 74.86± Surveyed Acres

•        FSA indicates: 70.15 cropland acres.
•        CSR2 is 90.8 on the cropland acres.
•        Located in Section 19, Big Creek Township, Black Hawk County, Iowa.
•        Tax Parcel: 871219476001 & Part of Tax Parcel: 871219426002 = $2,346.29 Approx. Net

Tract 2 – 2 Story Home & Buildings on 5.34± Surveyed Acres

•        Beautiful country home with 4 bedrooms, 1-1/2 baths, 2,200 total sq. ft. of living space on two levels.
•        Home features an updated kitchen with appliances, center island, built in pass thru cupboard & breakfast area.
•        Adjacent to the kitchen is the formal dining room with hardwood floors & pocket doors. The front living room has hardwood floors & open stairway. The second living room is off of the formal dining room.
•        Also on the main level is a ½ bath, laundry/pantry room and a breezeway to the garage.
•        Upstairs offers 4 bedrooms, 3 with hardwood floors, full bathroom and a backstair way to the kitchen.
•        Amenities include wrap around porch, Lennox high efficient gas furnace & central air (new in 2019), new shingles in 2019, updated septic system in 2016, basement with an interior & outside entrance & foundation coating, walkup attic and a well (new well pump installed 2024).
•        Outbuildings include a 46’x72’ machine shed and a 50’x52’ barn with fenced lot and an attached 24’x30’ garage.
• Part of Tax Parcel: 871219426002 = $2,238.15 Approx. Net
•        Included: Refrigerator, Stove, Microwave, Water softener, Patio pavers, Any item present on the day of final settlement/closing.
•        Not included: LP tank (leased), Lawn mower, Snowblower, Farm Equipment, All furniture & personal property (Buyer will have the option to purchase furniture & personal property, if so desired).

Terms: 10% down payment on October 9, 2025. Balance due at final settlement/closing with a projected date of November 24, 2025, upon delivery of merchantable abstract and deed and all objections having been met.
Possession: Projected date of November 24, 2025.  Selling subject to tenant’s rights on the land for the 2025-2026 farming season, full possession March 1, 2026.
Real Estate Taxes: To be prorated to date of possession on the basis of the last available tax statement. The seller shall pay any unpaid real estate taxes payable in prior years.

Special Provisions: 

•        This online auction will have a 5% buyer’s premium. This means a buyer’s premium in the amount of five percent (5%) of the bid amount shall be charged to the Buyer and added to the bid amount to arrive at the total contract purchase price.
•        Tracts will be linked together with the bidding set to close simultaneously. If a bid is placed with less than 4 minutes left, the time on the auction will extend to another 4 minutes. This will continue until no bids are placed within the last 4 minutes. Each Tract will stay in bidding extension until there are no more bids placed on any of the Tracts that are linked together.
•        Down payment is due on the day the bidding closes and signing of the real estate contracts will take place through email and electronic document signatures.  In the event the auction bidding closes after 3:00pm, the earnest money will be due the following business day.
•        Tracts 1 is selling subject to tenant’s rights on the tillable land for the 2025-2026 farming season (March 1, 2025 - February 28, 2026). Seller shall retain 100% of the 2025 rent payment.
•        Seller has given the tenant notice of termination of the farm tenancy prior to September 1, 2025, therefore Tract 1 will be selling free and clear for the 2026 farming season.
•        It shall be the obligation of the Buyer to report to the appropriate County FSA office and show filed deed in order to receive the following if applicable: A. Allotted base acres. B. Any future government programs.
•        Tracts 1 & 2 will be surveyed by a licensed surveyor, at Seller’s expense.
•        Tract 1 will be sold on a per acre basis with gross surveyed acres being the multiplier used to determine the total bid amount.  In the event the final survey is not completed by auction day or if the recorded survey is different than the announced gross surveyed acres, adjustments to the final contract price will be made accordingly at final settlement/closing.
•        Tract 2 will be sold lump sum price.  In the event the final survey is not completed by auction day or if the recorded survey is different than the announced gross surveyed acres, no adjustments to the final contract price will be made, as Tract 2 is selling lump sum price.
•        This real estate auction is selling subject to final approval of the survey and subdivision requirements of the county, if required.
•        If one Buyer purchases more than one tract, the Seller shall only be obligated to furnish one abstract and deed (Spouses constitute one Buyer).
•        Tract 2, Due to this being a Trust, the Seller will be exempt from Time of Transfer Inspection of the septic, according to Iowa Code 455B.172(11).  Any future inspections, upgrades, repairs, maintenance, or other matters to the septic system will be at the Buyer's expense in accordance with County & Iowa Laws & regulations. 
•        This auction sale is not contingent upon Buyer’s financing, appraisal(s), or any other Buyer contingencies.
•        If a Buyer is unable to close due to insufficient funds or otherwise, Buyer will be in default and the deposit money will be forfeited and paid to Seller.
•        The Buyer shall be responsible for any fencing in accordance with state law.
•        The Buyer shall be responsible for installing own entrances if needed or desired.
•        If in the future a site clean-up is required, it shall be at the expense of the Buyer.
•        All mineral rights, if any, held by Seller will be transferred to Buyer upon closing.
•        This real estate is selling subject to any and all covenants, restrictions, encroachments, easements, rights-of-way, ordinances, resolutions, leases, and mineral reservations, as well as all applicable zoning laws.
•        All lines, drawings, boundaries, dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents.
•        The Buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The Buyer is buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the real estate.
•        Steffes Group, Inc. is representing the Seller. Bidder acknowledges they are representing themselves in this real estate transaction.
•        Any announcements published or made the day of auction take precedence over advertising.
  
  

CONTACT
Mason Holvoet at Steffes Group, (319) 470-7372 or (319) 385-2000
Mason Holvoet - Iowa Real Estate Salesperson S69890000
Steffes Group, Inc., 2245 East Bluegrass Road, Mt. Pleasant, IA 52641