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The Florence Gastman Trust Farm Auction

Auction Property

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Property Overview Details
SOLD FOR $10,700/acre
County: McLean, IL
Acres: 30 +/-
Type: Farmland
Listing price: TIMED ONLINE-ONLY AUCTION

Contact Information
Chad Hoke - #6 Heartland Drive Suite A
Bloomington, Illinois
Phone: 309-665-0960
Email:

Bid Now!

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The Florence Gastman Trust Farm consists of 30 +/- acres located 6 miles north of Normal, Illinois at the south side of Lake Bloomington. The farm has 17 tillable acres, and 13 timber/wooded acres.  The tillable acres have a 121.6 soil PI.  There are no improvements on this tract.  It is Zoned R-1 Residential and is a “lot of record”.  The 2021 lease will be open for crop production.  The farm is being offered via ONLINE ONLY – A TIMED AUCTION.  Bids can be placed at FIRSTMIDAG.BIDWRANGLER.COM .  Bidding ends October 27, 2020 at 10:15 am.

For additional information, contact:

Chad Hoke (Broker) at 309-665-0960 or choke@firstmid.com or

David Klein (Auctioneer), at 309-665-0961 or dklein@firstmid.com.

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Terms and Conditions

Florence J Gastman Trust Online Timed Auction of 30.0 Acres

PLEASE READ AND REVIEW THE FOLLOWING TERMS PRIOR TO BIDDING ON PROPERTY OFFERED BY FIRST MID AG SERVICES.  BIDDING ON THIS ONLINE PLATFORM OBLIGATES YOU AND THE SELLER TO CERTAIN LEGAL AGREEMENTS.  IF YOU HAVE NOT READ AND DO NOT UNDERSTAND THESE TERMS, DO NOT BID.  BY BIDDING THROUGH THIS APP/WEBSITE YOU AGREE TO ALL TERMS AND CONDITIONS AS SET FORTH IN THE TERMS AND CONDITIONS LISTED OR REFERENCED BELOW. BY CLICKING "I AGREE" BUTTON AND USING THE WEBSITE AFTER YOU HAVE READ THIS AGREEMENT, YOU AGREE TO BE BOUND BY THIS AGREEMENT.  IF YOU DO NOT ACCEPT THIS AGREEMENT, YOU MAY NOT BID.

Terms and Conditions

Seller: First Mid Wealth Management Company, as Trustee of the Florence Gastman Trust

Sale Method:

All bids are open for advancement starting September 14, 2020 at 9:00 A.M. CDT.  Bidding will conclude October 27, 2020 at 10:15A.M.  Central Time, subject to the automatic bid extension feature outlined in these terms and conditions.  Auctions are timed events and subject to extended bidding based upon bidding activity.  Any bid placed within 3 minutes of the auction ending will automatically extend the auction for 3 minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are placed within the 3 minute time frame.  If a bid is accepted the farm will be marked SOLD and a sales contract shall be executed by the Seller and Buyer.  All decisions of First Mid Ag Services Auctioneer are final.

To register to bid on this auction go to:

firstmidag.bidwrangler.com

Bidder Registration: 

All potential bidders must register with First Mid Ag Services and receive a bidder number prior to bidding.  This is completed through our online registration process.  A bidder must meet satisfactory identification in order to be authorized to bid in person or online.  We reserve the right to require you to satisfy us of your legal capacity and financial ability to perform on this transaction prior to or after bidding has occurred.  As an online bidder, you consent to receiving phone calls, text messages or emails from First Mid Ag Services personnel. 

As an online bidder, if you are the successful buyer, you are agreeing to return a signed contract to purchase property and pay the required stated downpayment in the form of a personally delivered good check, certified cashier's check or wire transfer of funds by 4:00 PM the day following the end of the auction. 

Technology Use:  Technology in a post COVID-19 world has provided us with many benefits and many challenges.  We provide our best effort to make technology easy to use.  However, we are not responsible for technology failures and cannot be held liable if your bids are not accepted.  In the event of a technology failure, internet outage on our part or other technical difficulties related to the server, software, or any other online related technology, First Mid Ag Services reserves the right to extend, continue or close bidding.  Neither the software provider, nor First Mid Ag Services shall be held responsible for a missed bid or failure of the software to function properly for any reason.

Online Bidding Procedure:

All bids on this tract will be visible online, but the identity of bidders is confidential.  See auction terms and conditions for minimum bid requirements and details.  Auctioneer reserves the right to set the increments at which bids may be advanced.  Any bid you place during the auction is a legally binding offer to purchase real property being auctioned.  Your bid may be accepted by the auctioneer and the terms and conditions for the auction will be part of the foregoing agreement.  All bids shall be deemed “pending” unless and until they are accepted by the auctioneer and no bid shall be deemed a valid bid unless and until it is accepted by the auctioneer.   This includes the discretion to reject any bid which the auctioneer believes does not advance the auction or is injurious to the auction.  Bids that appear to the auctioneer to be nominal, suspicious or suspect may be rejected by the auctioneer.

Contract, Downpayment and Title:

Upon conclusion of the auction the high bidder will be contacted by a First Mid Ag Services Broker or Auctioneer to coordinate the completion of the contract and 10% downpayment money deposit.  Contract shall be completed and signed, and downpayment received by 4:00 PM Central Time in Bloomington, Illinois the day after the auction to First Mid Ag Services.  The downpayment money will be held until closing and credited toward the purchase price on behalf of the Buyer(s).  Downpayment shall be 10% of the purchase price in the form of good check, wire transfer or certified check.  If a successful bidder/Buyer does not execute and return the completed contract and downpayment deposit by 4:00 PM Central Time the day after the auction the Buyer will be considered to be in default.  Such default by the successful bidder/Buyer will result in that Bidder’s liability to both the Seller and First Mid Ag Services.  Seller shall have the right to take one of the following actions: 1. Declare this contractual agreement cancelled and recover full damage for the breach. 2. To elect to affirm to contractual agreement and enforce specific performance or 3. Seller can resell the property either publicly or privately with First Mid Ag Services and in such an event, the Buyer shall be liable for payment of any deficiency realized from the contingent sale, plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and First Mid Ag Services.  In addition, First Mid Ag Services also reserves the right to recover any damages separately from the breach of the Buyer.  Both the successful bidder and Seller shall indemnify and hold harmless First Mid Ag Services from any costs, losses, liabilities, or expenses including attorney fees resulting from First Mid Ag Services being named as a party to any legal action resulting from either Bidder's or Seller's failure to fulfill any obligations and undertakings as set forth in this contractual agreement.  Closing shall be set within 45 days of the conclusion of the auction and the balance of funds to purchase the property due at that time.

The Seller will provide a preliminary title search prior to the auction, and a complete title insurance policy in the amount of the purchase price at closing, subject to usual and customary exceptions.

Financing:

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

Minerals:

All mineral interests owned by the Seller, if any, will be conveyed to the Buyer.

Zoning:

This property is zoned R-1 Residential and is a "lot of record".  Contact     McLean County Building and Zoning to answer questions at 309-888-5160.

Lease and Possession:

The current cash rent lease has been terminated and the farm is free of lease for 2021.  Full possession will be granted to the Seller at closing.

Real Estate Taxes:

2019 real estate taxes payable in 2020 have been paid by the Seller.  100% of the estimated 2020 real estate taxes payable in 2021 to be paid by the Seller via a credit at closing based upon the most recent real estate tax information available. No adjustments will be made after closing.  All future year’s real estate taxes, to be paid by the Buyer.

Legal Description:

The South 30 acres of the Southeast Quarter of the Northeast Quarter of Section 12, Township 25 North, Range 2 East, of the Third Principal Meridian, located in McLean County, Illinois. 

Real Estate Tax Parcel Identification Number 07-12-267-001.

Approval of Bids:

All bids are being taken on a per acre basis unless otherwise noted.  The multiplier will be price bid x total acres stated to equal the total purchase price and amount due from the successful buyer's accepted bid. Final sale is subject to the Seller's approval or rejection of the final bid price.

This farm will be sold based upon real estate tax acres, which is 30.00.  There will be no survey.

Bid price x 30 will equal the total consideration due.

Agency:

Chad Hoke and David Klein, Auctioneer, are designated agents with First Mid Ag Services, a Division of First Mid Wealth Management and represent only the Seller in this transaction. The successful bidder is acknowledging that they are representing themselves in their bidding and any necessary steps to complete the transaction.   

Disclaimers:

Information provided herein was obtained from sources deemed to be reliable, but neither First Mid Ag Services, nor the Seller makes any guarantees or warranties either expressed or implied as to its condition or accuracy.  This sale is subject to all leases, covenants, easements and restrictions of record.  All potential bidders are urged to inspect the property, its condition and to rely on their own conclusions.  By bidding you acknowledge and agree that you have had a full and fair opportunity to inspect the property and that you are relying solely on, or that you have waived, such inspection and investigation, in determining whether to bid, an amount to bid and in bidding.  All sketches, dimensions and acreage figures are approximate or "more or less" and the property is being sold in "As-is" "Where-is" and "with all faults" condition.  First Mid Ag Services and the Seller reserve the right to preclude any person from bidding if there is any question as to the person's credentials or fitness to bid.  Seller reserves the right to reject any and all bids.

First Mid Ag Services and its agents take the responsibility to conduct this auction very seriously.  We also understand the prime importance of personal and public safety during the COVID-19 pandemic.  Therefore, please be aware that allowable auction crowd size and procedures may change without notice based on directives by local, state and federal agencies.  Please monitor our website or check with the designated agent for any changes. 

THE SELLER ACKNOWLEDGES AND UNDERSTANDS THAT IT IS ILLEGAL FOR EITHER THE SELLER’S DESIGNATED AGENT OR THE SELLER TO REFUSE TO DISPLAY OR TO SELL TO ANY PERSON BECAUSE OF THEIR RACE, COLOR, RELIGION, NATIONAL ORIGIN, SEX, ANCESTRY, AGE, MARTIAL STATUS, PHYSICAL OR MENTAL HANDICAP, FAMILIAL STATUS, UNFAVORABLE MILITARY DISCHARGE OR DISCHARGE STATUS, ORDER OF PROTECTION STATUS, OR ANY OTHER CLASS PROTECTED BY ARTICLE 3 OF THE ILLINOIS HUMAN RIGHTS ACT.

dividing-line Disclaimer: The information provided is believed to be accurate and representative. It is subject to verification and no liability for error or omissions is assumed. There are no warranties, expressed or implied, as to the information herein contained, and it is recommended that all buyers make an independent inspection of the property. Plat Map reprinted with permission of Rockford Map Publishers, Inc.