ONLINE AUCTION: Opens August 17, 2017 & Closes September 7, 2017, beginning at 3 p.m. CT
Auction Date
Sep 07, 2017 - 3:00 AM
Inspection Location
Please call to schedule an inspection.
Directions to Auction
The auction is being held online beginning August 17, 2017. The timed, online auction closes September 7, 2017, beginning at 3 p.m. CT. Visit: mgw.us.com/lynwood to bid.
Directions to Farm
From the intersection of Glenwood Dyer Road/IL-83 and Torrence Avenue, travel north 1.1 miles to Nichols Drive. Head west for 0.3 mile and turn south onto Savoy Lane. The Lynwood Farm is at the end of the street.
Auction Terms & Conditions
owner
Lynwood Land Holdings, LLC
agency
Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.
earnest money escrow
The farm will be offered as one tract in an online, minimum bid auction. Bidding will be on a per acre basis, multiplied by 35.43 acres. The minimum bid price for the auction will be $4,000 per acre. If the auction price is bid to $4,000 per acre or greater, the property will be sold. The successful bidder will enter into a purchase agreement with the seller immediately following the auction. Upon the close of the auction, the purchase agreement will be forwarded to the successful bidder via email or fax. A signed copy of the purchase agreement must be received by Martin, Goodrich & Waddell, Inc. within 24 hours of the auction closing. A 10% earnest money payment is required to accompany the purchase agreement and may be submitted by certified check or wire transfer. Bidding ends at 3:00 p.m. Central Time on Wednesday, September 7th, 2017. A bid placed within 5 minutes of the scheduled close of the auction will extend bidding by 5 additional minutes until all bidding is completed. If you plan to bid, please register 24 hours prior to the auction closing. Bidding is not conditional upon financing.
closing
Closing shall be on or before October 6, 2017. The purchase agreement is between the seller and buyer only, and cannot be assigned to a third party without the written consent of the seller.
real estate taxes
The 2017 real estate taxes due and payable in 2018 shall be prorated between the seller and buyer to the date of closing. All subsequent year taxes shall be the responsibility of the buyer.
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.
disclaimer
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.
Property Details
location
The subject property is located approximately 34 miles southeast of Chicago O'Hare International Airport and within the village of Lynwood. Nearby cities include: Glenwood (3/4 mile west), Lansing (7/8 mile northeast), and Ford Heights (1 1/8 miles south).
frontage
There is access to the property from the north at Savoy Lane and from the east at 198th Place (1/4 mile west of Torrence Avenue/Illinois Route 83).
major highways
Illinois Route 83 is 1/4 mile east, Illinois Route 394 is 3/4 mile west, and the Tri-State Tollway (Interstates 94/294/80) is 2 7/8 miles north of the property.
legal description
A brief legal description indicates The Lynwood Property is located in Part of the Southeast Quarter of Section 12, Township 35 North - Range 14 East (Bloom Township), Cook County, Illinois.
total acres
There are a total of 35.45 acres, more or less, according to the Cook County Assessor's Office.
tillable acres
There are approximately 34.89 tillable acres according to the Cook County FSA.
soil types
Milford silty clay loam is the primary soil type found on this property.
topography
The topography of the subject property is level.
location climate growing season
Cook County has a continental climate typical of northern Illinois. The average length of the growing season is nearly 142 days. On average we expect about 2,854 growing degree days from April 15 through September 30. Annual precipitation averages about 34 inches with over two thirds of this coming during the growing season. Snowfall averages about 32 inches per year. Prevailing winds are from the west. This climate, combined with the generally excellent soils in this area, provide a nearly ideal environment for the production of corn and soybeans.
mineral rights
The buyer will receive and the seller will convey all mineral rights that the seller owns relating to the property.
possession
Closing shall be on or before October 6, 2017. The purchase agreement is between the seller and buyer only, and cannot be assigned to a third party without the written consent of the seller.
financing
Mortgage financing is available from several sources. Names and addresses will be provided upon request.
taxes
The 2016 real estate taxes totaled $1,075.09. The tax parcel number is #32-12-400-001-0000. The 2017 real estate taxes due and payable in 2018 shall be prorated between the seller and buyer to the date of closing. All subsequent year taxes shall be the responsibility of the buyer.
zoning
The Lynwood Property is zoned R-1A - One Family Dwelling District.
comments
Future development potential in Cook County. Adjacent to a number of residential developments.