Schneider Farm/House Auction

316.50± Surveyed Acres, including house site, will be Offered in 4 Tracts. S21, T29N, R10E, Milks Grove Township, Iroquois County, Illinois Seller:  The Heinz K. Schneider Revocable Living Trust dated December 3, 1999
In-Person and Online Auction

316.50± Surveyed Acres, including house site, will be Offered in 4 Tracts.

S21, T29N, R10E, Milks Grove Township, Iroquois County, Illinois

Seller:  The Heinz K. Schneider Revocable Living Trust dated December 3, 1999

Trustee:  State Bank Trust & Investment

Trust Officer:  Jackie Bruhn 815-865-6060

AUCTION TO BE HELD

Thursday, February 22, 2024 at 2:00 PM Central

Herscher American Legion #795

102 S. Oak St.

Herscher, IL 60941

-Online Bidding Available-

 

QUESTIONS

Rob Warmbir

815-693-4063 (Call/Text)

rob@rwpropertyservice.com

Procedure. This is a four-tract auction. The three farmland tracts, tracts 1-3, will be offered by the “Choice” auction method. The “Choice” method allows the high bidder to choose which tract(s) they would like to purchase. If there are remaining tracts after the high bidder decides, the remaining tracts will be offered with additional rounds of bidding. Tracts will not be combined at the end.  Tracts 1-3 will be offered on a per acre bid basis.  Tract 4, the house site, will be offered individually as the last round of bidding and sold on a gross dollar amount. Bids will be taken in-person at the auction site and live online. If you are bidding for a partnership, corporation, or other entity, a document authorizing you to bid and sign a purchase agreement on behalf of the entity is required.

 

Financing. Bidding is not conditional upon financing. Be certain financing has been arranged, if needed, and that you are capable of paying cash at closing.

 

Acceptance of Bid Prices. The successful bidder will sign a purchase and sale agreement immediately following the close of bidding. The purchase price of the farmland will be calculated by multiplying the surveyed acres by the accepted per acre bid.  The purchase price of the house site will be based on the gross dollar bid.  Seller reserves the right to accept or reject any or all bids for any and all reasons.

 

Down Payment. A ten percent (10%) earnest money deposit of the total purchase agreement price will be due immediately after a purchase and sale agreement is signed by all parties to the transaction. The down payment may be paid in the form of a personal check, business check, cashier’s check, or wire transfer. The balance of the gross sale price is due at closing.

 

Closing. Closing shall take place thirty (30) days after February 22, 2024, or as soon thereafter as applicable closing documents are completed. The anticipated closing date is on or before March 23, 2024.

 

Possession/Lease

Possession will be granted at closing. Seller has terminated the 2023 cash rental lease with the tenant in possession.  Lease is open for the 2024 crop year.

 

Title. Seller shall provide an Owner’s Policy of Title Insurance, in the amount of the purchase price, and shall also provide a deed conveying the property to the Buyer.

 

Real Estate Taxes and Assessments.

  1. Farmland:  The 2023 real estate taxes, special assessments due and payable in 2024 shall be paid by Seller.  HomeStar Title will hold in escrow 1.5 times the 2022 taxes and will pay the 2023 taxes payable in 2024 when the bill is sent out.  The 2024 real estate taxes, special assessments due and payable in 2025 shall be paid by Buyer.  The 2023 drainage taxes due and payable in 2024 shall be paid by Seller.
  2. House Site:  The general real estate taxes for 2023 payable in 2024 will be paid by HomeStar Title who will hold in escrow 1.5 times the 2023 tax bill and pay the tax bill when it is out later this year for the Premises.  General Real Estate Taxes for 2024 payable in 2025 shall be prorated as of the closing date on the basis of the latest known assessment of the residence, outbuildings, and garages on the premises multiplied by the last known tax rate and any new multiplier less the homestead exemption where applicable and senior citizen exemption, if appliable, and said proration shall be final.  All prorations shall be made on a 365-day basis.

 

Survey. The farm has been surveyed and will be sold based on surveyed acres.

 

Mineral Rights. All mineral rights owned by the Seller will be conveyed at closing.

 

Agency. RW Property Services LLC and its representatives are exclusive agents of the Seller.

 

Disclaimer and Absence of Warranties. All information and all related materials are subject to the terms and conditions outlined in the purchase agreement. Announcements made by the auctioneer before and during the auction will take precedence over any previously printed material or any other oral statements made. The property is being sold on an “AS-IS, WHERE-IS, WITH ALL FAULTS” basis, and no warranty or representation, either expressed or implied, concerning the condition of the property is made by the Seller, RW Property Services LLC, or its representatives. Each potential bidder is responsible for conducting its own independent inspections, investigations, inquiries, and due diligence concerning this property. The property information is believed to be accurate but is subject to verification by all parties relying on the information. No liability for its accuracy, errors, or omissions is assumed by the Seller, RW Property Services LLC, or its representatives. All sketches and dimensions are approximate. Photographs are used for illustrative purposes only. Conduct at the auction and increments of the bidding are at the discretion of the auctioneer. The Seller, RW Property Services LLC, and its representatives reserve the right to preclude any person from bidding and to remove any person from the auction if there is any question as to the person’s credentials, fitness, conduct, etc. With the permission of RW Property Services LLC, this sale may be recorded and/or videoed. Seller, RW Property Services LLC, and its representatives disclaim any and all responsibility for bidder’s safety during any physical inspection of the property. All decisions of the auctioneer are final. Neither the auctioneer nor the online bidding software and service provider shall be held responsible for a missed bid or the failure of the software to function properly for any reason.

 

Seller. The Heinz K. Schneider Revocable Living Trust dated December 3, 1999

Attorney. Larry Serene

 

Robert J. Warmbir, ALC AFM

Designated Managing Broker/Auctioneer

RW Property Services, LLC

License 471.021140 (Real Estate)

License 441.002377 (Auctioneer)