First Iowa State Bank Auction

Real Estate

Location: Virtual, Online Only, IA

The First Iowa State Bank farms are located in Section 19, Union Township and Section 24, Perry Township, Davis County, Iowa. (5 1⁄2 miles east of Bloomfield, Iowa) From Bloomfield, Iowa, at the Intersection of US Hwy. 63 and J40, go east on J40 for 6 miles to Scarlet Ave., then north 1 mile to the farm. Be watching for pre-sale directional signs.

10 a.m. Wednesday, September 30th, 2020
For this auction's sale bill, catalog or poster, CLICK HERE
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This listing posted on 9-11-2020, for more photos and updates CLICK HERE.

Tract 1 – Home & 5 Acres± (subject to survey)

  • This parcel is improved with a 3 bedroom ranch style home that includes 1 1/2 baths, an attached garage as well as a partial finished walk out basement. Other amenities include a gas hot water boiler heating system and central air.
  • This tract also is improved with a machine shed/hay storage, grain bins, shop building and fenced livestock holding pens with automatic waterers.
  • Access is on the west by Scarlet Ave.

Tract 2 – 45 Acres± (subject to survey)

  • FSA information indicates 18.71 acres tillable currently in row crop production, with the balance in hay & pasture.
  • Soils include Olmitz-Vesser-Zook, Gara and Armstrong.
  • CSR is 44 on the entire tract.
  • Access is from the west by Scarlet Ave.

Tract 3 – 78 Acres± (subject to survey)

  • FSA information indicates 57.85 acres tillable, with the balance in wooded draws.
  • Soils include Rinda, Armstron and Olmitz.
  • CSR is 39.2 on the entire tract.
  • Improvements on this parcel include a 40’ x 80’ machinery storage building with concrete floor that was constructed in 2012.
  • Access is from the east by Scarlet Ave. and on the south by 205th Street.


  • The First Iowa State Bank Farms will be sold in three (3) individual tracts based on a survey that is currently in progress, with the said surveyed acres being used to constitute the final settlement price. Tract 1 will be sold first for a lump sum, total dollar amount. Tracts 2 & 3 will be sold next through the marketing method of “buyer’s choice’, whereas the high bidder can take either or both tracts for their high bid. Buyer’s choice auctioning will continue until both tracts have been sold. The farm will NOT be offered in its entirety or in any combinations. Bidding is not contingent upon financing.
  • Ten (10%) percent of the bid price to be due on the day of sale with the balance due in approximately 30 days, on or before Friday, October 30, 2020 upon delivery of a merchantable abstract and deed. Immediately following the auction, the successful bidder(s) shall enter into a written agreement with the seller. The real estate taxes will be prorated to the date of closing. Full possession will be given at the time of closing on Tract 1. Possession on Tracts 2 & 3 will be given at the time of closing subject to a farm lease for the 2020 crop year. Tracts 2 & 3 sell with full farming rights for the 2021 crop year.
  • All announcements sale day shall take precedence over any prior advertising either written or oral. The information in this brochure is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to the property. This real estate is being sold “as is”.


First Iowa State Bank – Owner

Representing Attorney: Paul Zingg, Denefe, Gardner & Zingg, P.C., 104 S Court St, Ottumwa, IA 52501; Phone: (641) 683-1626

First Iowa State Bank Auction

For more information, call:
Auction Managers: John Probasco (641) 856-7355 or Jim Huff (319) 931-9292

Also Visit: Auctioneer's Website
Questions about this auction? Phone 217.847.2160 or email our office at [email protected].

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