NO BUYER PREMIUM. BID BY THE ACRE.
This is a rare opportunity to own part or the entire farm that has been owned by the same family for over 100 years! Ms. Joy Ledbetter, through her trust, gifted the Ledbetter Farm to the Southern Baptist Foundation which will support both national and international missions. The Foundation has commissioned Glaub Farm Management and Hendrix Auction & Realty to sell this Arkansas farmland by auction on July 12, 2023 at 10:00AM CST
Method of Sale: Glaub Farm Management, LLC (GFM) (Ted Glaub - Arkansas Real Estate License #PB00039905 & Arkansas Auctioneer License #2842) and Hendrix Auctions & Realty (Robert E. Hendrix Arkansas Real Estate License #PB00027484 & Arkansas Auctioneer License #128) will offer this property for public auction Wednesday, July 12, 2023. The auction location will be at the Hilton Garden Inn at Jonesboro. At 10:00 AM, the property will be offered as one total unit, in tracts, or in combination. Each bid shall constitute an offer to purchase, and the final bid, if accepted by the Seller(s), shall constitute a binding contract between the Buyer(s) and the Seller(s). Online bidding is allowed prior to the auction date and up until the live bidding ends. The auctioneer will settle any disputes as to bids and his decision will be final. If you are unable to attend the auction and would like to place a confidential sealed bid, please contact GFM at 870-972-6996.
Acreage: The acreages listed in this brochure are estimates taken from the county assessor’s records, survey, and/or FSA records.
Survey: A Survey will be provided to Buyer(s), the cost of which will be shared 50/50 between the Seller(s) and the Buyer(s). The Seller(s) will choose the type of survey to be completed and warrants that it will be sufficient to provide an owner’s title insurance policy for the tract(s). The sales price will be the auction bid price per acre for the tract, multiplied by the tract surveyed tract acreage.
Approval of Bids: The Seller(s) reserve the right to accept or reject any and all bids. All successful bidders must enter into a separate written purchase agreement the day of the auction, immediately following the conclusion of the bidding.
Down Payment: 10% of the final purchase price is due the day of the auction with the balance due at closing. If bidding online, the down payment must be received by 10:00AM the following day. The down payment must be in the form of a personal or company check accompanied with a bank letter guaranteeing minimum funds available to write a non-refundable bid deposit, cashier’s check, wire, or cash. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING. BE SURE YOU HAVE FINANCING ARRANGED, IF NECESSARY, AND ARE CAPABLE OF PAYING CASH AT CLOSING.
Deed: The Seller(s) will provide a General Warranty Deed or similar deed at closing.
Evidence of Title: The Seller(s) will provide an Owner’s Title Insurance Policy to the Buyer(s). The Buyer is responsible for a Lender’s Policy, if needed. If the title is not marketable, then the purchase agreement(s) are null and void prior to the closing, and the Broker will return the Buyer’s down payment.
Easements: The sale of this property is subject to any and all easements of record.
Closing: The closing shall be on or before Tuesday September 12. The Seller(s) have the choice to extend this date if necessary until Tuesday October 10, 2023.
Possession: Possession of the property shall be delivered to Buyer prior to Closing subject to agricultural and the right of the previous hunting lessee to remove 3 duck pits from the fields where they are located up to two weeks after completion of harvest.
Crop Income: The Seller will retain the 2023 crop income.
Mineral Rights: Any mineral rights owned by the Seller(s) will be conveyed to the Buyer(s).
Real Estate Taxes: The Seller(s) will pay the real estate and personal property taxes for 2023 calendar year and prior. Buyer(s) is responsible for 2024 and subsequent years.
Property Inspections: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigation, inquiries, and due diligence concerning the property.
Further, Seller(s) disclaims any and all responsibility for bidder’s safety during any physical inspections of the property. No party shall be deemed to be invited to the property by GFM or the Seller(s) without GFM present.
Agency: Glaub Farm Management, LLC, Ted Glaub (Broker/Auctioneer) and their representatives, are exclusive agents of the Seller(s).
Online Bidder Registration: In order to bid online you must register for the auction online 24 hours prior to the auction at bid.glaubfm.com and be approved by GFM. Contact GFM if you have issues registering or questions regarding online bidding.
Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Glaub Farm Management reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Glaub Farm Management shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
Broker Participation: Call GFM @ 870-972-6996 to receive the broker/realtor participation form.
Disclosure: Buyer has been informed that the Property, including without limitation: garages, tool sheds, other outbuildings, fences, signs, and mechanical equipment on the Property that were constructed prior to 1978, if any, may contain lead-based paint.
Disclaimer: All information contained in this brochure and all related materials are subject to the Terms and Conditions contained in the purchase agreement. No liability for the accuracy, errors or omissions of the information contained in this brochure and all related marketing materials is assumed by the Seller(s) or GFM. All sketches and dimensions in this brochure are approximate. ANNOUNCEMENTS MADE BY GFM, LEGAL COUNSEL, AND/OR THEIR AUCTIONEER AT THE AUCTION DURING THE TIME OF THE SALE TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIALS OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller(s) or GFM. Except for any express warranties set forth in the purchase agreement and sale documents, Buyer(s) accepts the property “AS IS,” and Buyer(s) assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Seller(s) and GFM make no warranty or representation, express or implied or arising by operation of law, including any warranty for merchantability or fitness for a particular purpose of the property, or any part thereof, and in no event shall the Seller(s) or GFM be liable for any damages of any kind, including but not limited to nominal, compensatory, general, special or punitive damages. Conduction of the auction and increments of bidding are at the direction and discretion of GFM and/or the auctioneer. The Seller(s) and GFM reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of GFM, and/or the auctioneer are final.
Jonesboro, Arkansas 72401