MGW Real Estate Auction Information


The Smith Farm

SOLD

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Contact Details -
Mark T. Mommsen  (Agent)
Phone: 815-756-3606
Mobile:  815-901-4269
Email: Mark.Mommsen@mgw.us.com



Date of Auction: 9/22/2011
Time of Auction: 10:00AM
Auction Location: Berean Baptist Christian School Bus Barn, 5626 Safford Road., Rockford, IL 61101
Inspection Date: 9/8/2011
Inspection Location: 5-6pm at the building site (Tract 4)
Directions to Auction: The auction site is located just off the northeast corner of the farm. From US-20, exit at Montague Road. Head northeast for 0.3 miles, then turn north onto S. Springfield Avenue for 3.9 miles. Turn west onto Safford Road. The school and bus barn is on the south side of the road.
Directions to Farm: The farm is located northwest of Rockford, IL. From US-20, exit at Montague Road. Head northeast for 0.3 miles, then turn north onto S. Springfield Avenue for 3.8 miles. The farm is on the west side of the road.

Auction Terms & Conditions

Agency: Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.  Buyer agents seeking cooperation shall register their buyers in writing with Martin, Goodrich & Waddell, Inc. 10 days prior to the auction.
Earnest Money: The successful bidder as determined by the auctioneer is required to make a 10% down payment of the accepted bid price on the day of auction with the balance due at closing.  Bidding is not conditional upon financing.  Payment shall be in the form of a personal check or cashier’s check.
Closing: Closing shall be on or before October 24, 2011.  Possession is subject to the rights of any tenants in possession.
Real Estate Taxes: The 2011 real estate taxes, drainage assessment taxes, and special assessments due and payable in 2012 shall be paid by the seller.  The 2010 real estate taxes were $7,284.00 for the entire acreage, including the farmhouse and buildings.  The 2012 real estate taxes, drainage assessment taxes, and special assessments due and all subsequent year taxes shall be the responsibility of the buyer.
Crops & Expenses: The 2011 crop year cash rent shall be retained by the seller.  Buyer shall receive the landlord share (or cash rent) for the 2012 crop year.
Government Agricultural Program Payments: Buyer accepts title subject to the responsibilities and benefits of two CRP contracts.  One is for 2.9 acres having a total annual payment of $355.00 through 9/30/13.  The other is for 5.9 acres having a total annual payment of $702.00 through 9/30/14.  The CRP contracts cover waterways on the farm.  Buyer is required to assume all requirements of the contracts through the dates of expiration.
Conveyance: At closing, seller shall convey and transfer the property to buyer by warranty deed, appropriate assignment, land trust, or other similar acceptable instrument of conveyance.  At the same time, the balance of the purchase price then due shall be paid and all documents relative to the transaction shall be signed and delivered.
Title Evidence: At closing, seller shall furnish a commitment and Owner’s Title Guaranty Policy for the amount of the purchase price at the seller’s expense.
Survey: Seller shall secure a boundary survey by a licensed land surveyor at the seller’s expense, dated no more than 6 (six) months prior to closing. Final purchase price will be based upon surveyed acres.
Disclaimer & Absence of Warranties: Announcements made the day of the auction supersede any previously made statements or material provided, whether printed or oral.  Information contained in this brochure is subject to the terms and conditions of the purchase agreement between the seller and buyer.  All maps, data, acreages, and images in this brochure are approximate, and no liability for its accuracy is assumed by the seller or seller’s agent.  The buyer shall be responsible for conducting their own independent inspection and due diligence concerning the property.  The property is being sold “as is” and “where is” with no warranty or representation, either expressed or implied, concerning the property is made by the seller or seller’s agent.  The auctioneer reserves the right to make final decisions on auction conduct and bidding increments.
Disclosure: Some photos in this brochure may be stock photography and are for illustrative purposes only.
Owner: Nordic Investment Corporation
Property Details
Location: The subject farm is located approximately 78 miles West of Chicago and O'Hare International Airport. Contiguous to the City of Rockford.
Frontage: There is approximately 1/2 mile of frontage road on County Highway 28 and 3/8 mile on N Springfield Ave.
Major Highways: Federal Highway 20 is 1 mile South, State Highway 70 is 3 miles East, State Highway 2 is 4 miles East, and Interstate 90 is 9 miles East.
Legal Description: Located in Part of the Southwest Quarter of Section 8, Part of the West Half of the Northwest Quarter of Section 17, Part of the Northeast Quarter of Section 18, and Part of the Southeast Quarter of Section 7, Township 44 North - Range 1 East of the Third Principal Meridian (Rockford Township), in Winnebago County, Illinois, consisting of 429 acres more or less.
Total Acres: There are a total of 429 acres, more or less, according to the Winnebago County Assessors Office.
Tillable Acres: There are 396.8 tillable acres, according to the Winnebago County FSA Office.
Soil Types: Major soil types include Selmass loam, Griswold loam, and Beardstown loam.
FSA Data: The FSA direct corn yield is 119 bushels per acre and the FSA corn base is 275.9 acres. The FSA direct bean yield is 37 bushels per acre, the FSA bean base is 118.5 acres.
Topography: The topography of the subject farm is level to gently rolling.
Climate / Growing Season: Winnebago County has a continental climate typical of northern Illinois. The average length of the growing season is nearly 160 days. On average we expect about 2750 growing degree days from April 15 through September 30. Annual precipitation averages about 35 inches with over two thirds of this coming during the growing season. Snowfall averages about 36 inches per year. Prevailing winds are from the west and southwest. The climate, combined with the generally excellent soils in this area provides a nearly ideal environment for the production of corn, wheat and soybeans.
Mineral Rights: All mineral rights owned by the seller will be transferred in their entirety to the new owner.
Possession: Possession will be given at closing, subject to the terms and conditions set forth in a purchase contract.
Financing: Mortgage financing is available from several sources. Names and addresses will be provided upon request.
Taxes: The 2010 Real Estate Taxes totaled $7,284.00, including the building site and home. The tax parcel number are 11-07-401-002, 11-07-451-001, 11-08-301-004, 11-18-201-002, 11-18-226-004, 11-17-101-002, 11-08-301-006, and 11-08-301-005.
Grain Markets: There are a number of grain markets located within 10 miles of the Smith Farm.
Zoning: The farm is zoned Agricultural.
 
Soils Information
Soil # Soil Name Approx Acres Corn Yield Gross Bushel
22B Westville silt loam 14.4 150 2160
781B Friesland fine sandy loam 13.8 157 2167
361D2 Kidder loam 9.4 127 1194
3776A Comfrey loam 7.8 185 1443
783B Fagler sandy loam 7 128 896
566B Rockton and Dodgeville soils 5.8 134 777
728C2 Winnebago silt loam 5.1 153 780
297B Ringwood silt loam 4.8 173 830
403C Elizabeth silt loam 4.7 76 357
259B2 Assumption silt loam 3.9 155 604
280C2 Fayette silt loam 1.8 155 279
561B Whalan and New Glarus silt loams 1.3 130 169
529A Selmass loam 82.4 163 13431
363D2 Griswold loam 67.8 145 9831
188A Beardstown loam 40.7 152 6186
528A Lahoguess loam 38 170 6460
728B Winnebago silt loam 33.6 162 5443
440B Jasper silt loam 27.6 173 4775
361D3 Kidder clay loam 26.9 118 3174
    Total: 396.8    


TOTAL ACRES - 429.0 acres, more or less
TILLABLE ACRES - 396.8 acres, or 92.5% per FSA figures
CORN YIELD - 153.6 bushels per acre, based on tillable acres
COMPARABLE YIELD INDEX - 142.1 bushels per acre, based on total acres

Disclaimer : Although the information contained in this brochure is considered to be accurate, no representation or warranty to that effect is being made. The information contained herein is subject to verification, and no liability for errors or omissions is assumed. The listing may be withdrawn with or without notice, and the stated price and terms are subject to change without notice or approval. The Seller further reserves the right to reject any and all offers. All inquiries, inspection appointments, and offers must be channeled through the Seller’s Designated Agent.