40+/- Acre Craighead County & 80+/- Acre Cross County, AR Online-Only Auction
Bidding is now open on two farms located in Craighead and Cross County Arkansas. Bidding will begin to close on December 17th at 5:00pm CST.
The Craighead County farm is 40+/- acres located on the southeast side of Jonesboro city limits. The farm is irrigated and graded. Soils are high quality and contain Calhoun, Foley, and Falaya silt loam with an overall NCCPI rating of 66.3. Crop production has been corn and soybeans. The farm is known as Lot 1 in the details below and online bidding.
The Cross County farm is 80+/- acres located approximately one mile northwest of Colt on the county line with St. Francis. The farm is irrigated and graded. Soils are primary Arkabutla silt loam with a small amount of Calloway, and Henry silt loam soils. Overall soil NCCPI rating is 73.5. Crop production has been corn and soybeans. The farm is known as Lot 2 in the details below and online bidding.
The online auction will allow bidders to bid on one or both tracts combined. To bid you must first create an account and then register for the auction. Approval of registration will be based on the terms and conditions of the auction below. The closing of the bidding begins at 5:00PM on December 17th. The ending clock will be reset to two minutes each time a bid is made within the last two minutes.
Method of Sale: Glaub Farm Management, LLC (GFM) (Ted Glaub - Arkansas Real Estate License #PB00039905 & Arkansas Auctioneer License #1266) will offer this property for public auction online-only now and until Thursday, December 17, 2020. At 5:00PM CST, the property will begin to close with a two minute ending time reset each to a bid is made within the last two minutes. The property will be offered as one total unit, in tracts, or in combinations. 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). The auctioneer will settle any disputes as to bids and his decision will be final.
Acreage: The acreages listed in this brochure are estimates taken from the county assessor’s records, survey, and/or FSA records.
Survey: The Seller(s) reserve the right to determine the need for and type of survey provided. If an existing legal description is adequate for title insurance for a tract or tracts, no new survey will be completed. If the existing legal description is not sufficient to obtain title insurance, or if this property sells in multiple tracts requiring new legal descriptions, a survey will be completed, the cost of which will be shared 50/50 by 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 price per acre will be the auction bid price for the tract, multiplied by the tract acreage estimated in the auction brochure.
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 by 4:00 PM CST on the following day of the auction with the balance due at closing. The down payment must be in the form of personal or company check accompanied with a bank letter guaranteeing minimum funds available to write a non-refundable bid deposit, cashier’s check, or wire. 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 Monday, January 18, 2021. The Seller(s) have the choice to extend this date if necessary.
Possession: Possession will be delivered at closing.
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 due and payable for calendar year 2020. A credit will be provided to Buyer for estimated 2020 property taxes paid in 2021 if Seller cannot pay at closing. If credit is provided Buyer will be responsible for the 2020 taxes. The Buyer(s) will also be responsible for real estate and personal property taxes in 2021 and thereafter.
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) disclaim 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.
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.