Life Estate Interest in Cash Rental of 127.2 Acres of Land in Hershey Township, Nobles County, Minnesota!

Starting bid: $15,995.00

Item condition: New

Time left:

Auction ends: July 17, 2020 4:11 pm
Timezone: America/Phoenix

Starting bid: $15,995.00

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Description

Item Id: Behrends01
Case Name: Behrends, Jerome
Case Number: 18 40205
Starting Minimum Bid: $15,995

Description: Estate’s 100% interest in a Life Estate Interest. This life estate interest is in the cash rental of 127.2 acres of farmland located in Nobles County, Minnesota, Hershey Township bordering 220th Street. The legal description of the land is as follows: The SW Quarter of Section 36, Township 103, Range 39, Nobles County, MN.  The Bankruptcy Trustee appointed to this case reserves the right to accept or reject the highest bid received from this auction.

Further information about this Life Estate Interest:

On July 15, 1976, Tillman G. Behrends became deceased and according to Order of Complete Settlement of the Estate and Decree of Distribution signed by Court Order on May 20, 1998 in the District Court Fifth Judicial District Probate Division Court File No. PX-95-600, a life estate was granted to Mavis D. Behrends receives a life estate and life use in the property described above See Exhibit A – Court OrderPROBATE COURT ORDER – BEHRENDS.

Upon the death of Mavis D. Behrends, her son, Jerome T. Behrends, also the Debtor in this bankruptcy proceeding, shall receive a life estate and life use in said property. The remainder interest of said property is decreed to Mary D. Schultz. Upon information and belief provided to the Trustee but not verified by the Trustee, Mavis D. Behrends is 95 years old. Upon information and belief provided to the Trustee but not verified, the Debtor, Jerome T. Behrends is 65 years old. Both of these statements cannot be relied upon by any potential bidder or buyer. All Buyers/Bidders must do their own due diligence regarding this life estate interest.

On November 12, 2013, Mavis Behrends (landlord by life estate) entered into a cash rent agreement with James and Thomas Behrends (tenants) Exhibit B – Cash Rent AgreementCASH RENTAL AGREEMENT- BEHRENDS. The cash rental agreement calls for rent of $135 per acre. The term of the lease was for three (3) years with one-half rent payable to the landlord on the following dates: March 1, 2007; November 1, 20107; March 1, 2018; November 1, 2018; March 1, 2019 and November 1, 2019 of $18,846. The rental agreement is for two separate parcels of farmland that encompasses 279.2 acres of farmland. The life estate that is proposed to be sold is for 127.2 acres. The applicable rent under this agreement would be $17,172 per year or $8,586 per payment period or approx. 46% of the entire cash rental agreement. The Trustee has also included the most recent 1099’s that were paid to the landlord for tax year 2018 Exhibit C1099 FOR 2018 – BEHRENDS. The Trustee believes that the rental rate of $135 per acre is well below the current market rate of approx. $200 per acre.

We do not know of any other liens against the property; however the life estate interest is sold as is where is.

Notes: A closing cost fee of $275 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).

Bidders should familiarize themselves with BKAssets.com policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on www.bkassets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.

Title and Escrow: A title search was NOT performed on this property. BKAssets does not provide title insurance. Title insurance would not apply to this type of asset. Buyer will be provided with an “Bankruptcy Trustee Assignment” of the life estate interest. Buyer is responsible for all costs and efforts associated with the transfer of the property.

Legal Info: By Order of the United States Bankruptcy Court, Bkassets.com sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this Note after the sale including but not limited to: paying any fees/costs associated with this Note, paying all fees/liens (if any), recording/transferring the title and gathering any paperwork/documentation necessary for that process. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment of the Life Estate Interest. All the information as to the item description has been provided by the trustee and debtor attorney indicated above. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: Certified check, cashier’s check and or bank wire “only”.

A closing cost fee of $275 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.

Shipping Info: Shipping is included to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..

Auction History

June 15, 2020 4:11 pmAuction started

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