Here is a piece of Iowa farmland with development potential. Offering tillable land adjacent to the railroad and just off Highway 61. Seller: Frances L. Schmitz. For information contact Mason Holvoet of Steffes Group at 319.385.2000 or 319.470.7372


Land is located 4 ½ miles south of Ft. Madison on Highway 61, then ¼ mile west on 270th Street.

Bidding Opens: Tuesday, July 26
Bidding Closes: Tuesday, August 2, 2022 at 1PM

 Auctioneer’s Note: Here is a piece of Iowa farmland with development potential. Offering tillable land adjacent to the railroad and just off Highway 61. 

48.04 Surveyed Acres M/L – Sells in 1 Tract
FSA indicates: 44.47 acres tillable.

Corn Suitability Rating 2 is 35.8 on the tillable acres.
Located in Sections 27 & 28, Jefferson Township, Lee County, Iowa.
Property is Iowa Economic Development Authority (IEDA) Certified:  Certified as part of the Fort Madison Industrial Site as a General Industrial Site.

View Survey
View FSA Field Map
View FSA 156 EZ form
View Soil Map

Terms: 10% down payment on August 2, 2022. Balance due at final settlement/closing with a projected date of September 16, 2022, upon delivery of merchantable abstract and deed and all objections have been met.
Possession: Projected date of September 16, 2022. (Subject to tenant’s rights on the tillable land)
Real Estate Taxes: To be prorated to date of possession on the basis of the last available tax statement. Seller shall pay any unpaid real estate taxes payable in prior years.

Tax parcels 11714273000490, 11714284000080 – Net $656

Special Provisions:

  • This online auction will have a 5% buyer’s premium. This means the buyer’s premium in the amount of five percent (5%) of the bid amount shall be charged to the Buyer and added to the bid amount to arrive at the total contract purchase price.
  • There is a recorded survey of the land dated 5/19/2021. Land will be sold by the surveyed acre with surveyed acres being the multiplier used to determine the total bid amount. 
  • Down payment is due on the day the bidding closes and signing of the contracts will take place through email and electronic document signatures. In the event the auction bidding closes after 3:00pm, the earnest money will be due the following business day.
  • If a bid is placed with less than 4 minutes left on the auction, the time on the auction will extend another 4 minutes. This will continue until no bids are placed within the last 4 minutes.
  • The farm is rented for the 2022 farming season. Seller will retain 100% of the cash rent for 2022.
  • Seller shall serve termination to the tenant, therefore the land will be selling free and clear for the 2023 farming season.
  • It shall be the obligation of the Buyer to report to the Lee County FSA office and show filed deed in order to receive the following if applicable: Allotted base acres.  B. Any future government programs. 
  • This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
  • If a Buyer is unable to close due to insufficient funds or otherwise, Buyer will be in default and the deposit money will be forfeited.
  • The Buyer shall be responsible for any fencing in accordance with state law.
  • The Buyer shall be responsible for installing his/her own entrances if needed or desired.
  • If in the future a site clean-up is required, it shall be at the expense of the Buyer.
  • All mineral rights, if any, held by Seller will be transferred upon closing.
  • This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
  • The Buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The Buyer is buying this real estate in its “as is” condition and there are no expressed or implied warranties pertaining to the real estate.
  • All lines, drawings and boundaries are approximate.
  • Steffes Group, Inc. is representing the Seller.
  • Any announcements made the day of sale take precedence over advertising.


Seller: Frances L. Schmitz

Julie L. Pulkrabek – Closing Attorney for Seller

 For information contact Mason Holvoet of Steffes Group at 319.385.2000 or 319.470.7372

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