Auction Terms

Online bidders will need to submit a bank letter of credit prior to bidding approval.  Contact the office at 712-644-2151 to submit the letter of credit.

Method of Auction:        Tract 1 will sell 160 gross acres times the bid.  Tract 2 will sell 159.5 gross acres times the bid. 

Acceptance of Bids:        Your bid is not subject to financing.  Sellers have the right to accept or reject the final bid on one or both tracts. Buyer of each tract will sign a purchase agreement at the end of the auction and place a 10% non-refundable earnest deposit in the Kohorst Law Trust Account, where it will be held until closing.

Possession:        Buyers to have landlords’ possession and closing.  Buyers to receive full possession and full farming rights for the 2022 crop year.  Seller shall retain 100% of the 2021 cash rent on both tracts.

Closing: Sellers will provide the buyers with an updated abstracts the day of the auction.  Buyers to have a title opinion completed by an attorney at the buyer’s expense.  Each party shall pay normal costs associated with closing a real estate transaction.  Closing to take place on or before October 18th, 2021. 

Disclaimer:  Announcements made by the auctioneer at the time of the sale or emailed to registered bidders will take precedence over any and all previously printed material, or any oral statements made.  All information in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase.  The farm is being sold on an “as-is, where-is” basis, and no warranty or representation, either expressed or implied concerning the property is being made by the sellers or the auction company.  Each potential bidder is responsible for conducting his or her own due diligence, inspections, investigations, and inquiries regarding the farm.  The information in this brochure is believed to be accurate, but is subject to the verification of all parties relying on it.  No liability for its accuracy, errors or omissions is assumed by the sellers or the auction company.  All sketches and dimensions in this brochure are approximate and based upon GIS, aerial photographs and information provided by the county assessor and FSA. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer.

Agency:  Farms America INC/Ed Spencer Real Estate and Spencer Auction Group are agents for and represent the Sellers.  All bidders shall be considered customers, not clients.