Madison County, IL iAuction Terms & Conditions

1. Procedure: Bidding ends Wednesday, August 28, 2024 at 1:00 PM, with a soft close, meaning that a bid in the final minute will extend bidding by 5 minutes on each tract. All bids placed are by the Acre!   

2. BUYERS PREMIUM: 5% Buyer’s Premium will be added to the final bid price to arrive at the contract sales price. 

3. ACCEPTANCE OF BID PRICES: Winning bidder will enter into a Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer. Upon the close of the auction, the winning bidder will be forwarded via email a Contract to Purchase. Trophy Properties and Auction must receive a signed copy of the contract on or before 12:00 NOON, Thursday, August 29, 2024 (hand delivered, faxed, electronic signature or scanned and emailed). The Seller reserves the right to reject any and all bids. Once accepted, this agreement shall be binding on the parties and their successors and assigns. This agreement is NOT subject to financing, inspections, or other contingencies or delays the closing for such reason. 

4. DOWN PAYMENT: 10% of the contract purchase price will be due upon acceptance of the Sales Contract. Business or Personal Checks or Wire Transfer are accepted. 

5. BIDDING: Once submitted, a bid cannot be retracted.  

6. CLOSING: Closing shall be on or before 3:00 PM., Thursday, October 3, 2024. 

7. POSSESSION: Possession will be given at closing, subject to the remaining rights of the current tenant if any. 

8. TITLE: Seller shall furnish the buyer(s) at Seller’s expense an Owner’s Policy of Title Insurance in the amount of the purchase price and agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer(s). 

9. SURVEY: AT SELLERS OPTION, the Seller shall provide a new survey where there is no existing legal description to convey title.  

10. REAL ESTATE TAXES: The 2023 and 2024 Real Estate taxes to be paid for by the Sellers.    

11. Under no circumstances shall Bidder have any kind of claim against Trophy Properties and Auction, or anyone else if the Internet service fails to work correctly before or during the auction. 

The information is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines are drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to this property. Both real estate (including all improvements, if any) is being sold As Is, Where Is with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to the end of bidding. All announcements made day of sale take precedence over prior advertising either written or oral. This property is subject to prior sale. 

Madison County, IL Land for Sale at iAuction – Barbara Faber Trust 

Preview Day Saturday, August 3^rd 11AM to 1PM.  

Bidding Ends Wednesday, August 28^th at 1PM.  

These 488± acres are located at the interchange of I-270 and I-255 directly south of Gateway Commerce Center. The Farm Service Agents shows there to be 430 acres of cropland with the balance in woods and waterways. The soil type consists mostly of Darwin silty clay and has a productivity index of 111. With the location being near the Gateway Commerce Center the highest and best use could possibly be commercial and industrial development. The Gateway Commerce Center is a 2,300-acre master planned industrial development offering superior location, access, infrastructure, labor, amenities, and economic incentives. The location offers unparalleled access to I-55, I-70, I-64, and I-44.  

The Faber farm has been in the same line of ownership for nearly 100 years. This is truly a chance of a lifetime to acquire a tract or the entirety of this highly productive farmland with endless possibilities. The mineral rights are believed to be intact and will transfer to the new owner(s) at closing. Possession will be delivered at closing subject to the tenant farmer. Full possession will be delivered upon completion of 2024 harvest. The farm sells free and clear of a tenant farmer for the 2025 crop season.  

For more information call or Jason Wallingford 314-882-6971 or Mark McNulty (CBRE) 314-540-2861. 

Tract 1: 87± acres of highly productive cropland. The soils consist mostly of Darwin silty clay with a productivity index of 111. Access to this tract is along Chain of Rocks Road and runs parallel along the north side to I-270.  

Tract 2: 401± acres of highly productive cropland. The soils consist mostly of Darwin silty clay with a productivity index of 111. Access to this tract is south on Sand Road from Chain of Rocks Road and then west on Frontage Road. This tract runs parallel along the south side to I-270 and is visible east of I-255.