BANK OWNED REAL ESTATE AUCTION – FORT MADISON, IA
Begins:
Saturday, Jan. 24th 2026 at 12:00 AM
Ends:
Thursday, Feb. 19th 2026 at 1:00 PM
BANK OWNED
REAL ESTATE AUCTION
(Selling Online Only)
FORT MADISON, IOWA
AUCTION ENDS THURSDAY, FEBRUARY 19TH, 2025 at 1:00 P.M.
2510 Avenue I, Fort Madison, Iowa
Open House/ Inspection: Thursday, February 5th from 3 – 4 P.M.
PROPERTY DESCRIPTION & INVESTMENT POTENTIAL
This bank-owned property is being sold at absolute auction, regardless of price. The home is currently configured as a 3-bedroom, 1 bath residence offering approximately 1,370 sq. ft. of main-level living area and features salvageable hardwood floors and a living room fireplace. The property also includes a full basement accessible from within the home as well as an exterior cellar entrance. Exterior amenities include a covered wraparound porch, concrete driveway, fenced rear yard, and a detached garage with an additional rear recreational or office room. The home is in major disrepair and will require an extensive remodel, including major mechanical systems; however, it presents a strong opportunity for experienced flippers or investors to complete a full renovation and redesign the home to modern standards with potential for an attractive return on investment.
Auctioneer’s Note: Selling at absolute auction, regardless of price. This property is best suited for buyers familiar with major renovation or investment projects. Bidding is open to everyone and can be completed conveniently from anywhere using your phone, tablet, or computer. For additional information, contact Sales Representative Carla McEntee at 217-617-6975 to schedule a private showing or attend the scheduled open house.
Terms: $7,500 earnest money deposit due at the end of the auction with the remainder due on or before March 19, 2026. The seller will provide a current abstract at their expense. Real Estate sells “as is, where is”. Sale is not contingent on Buyer’s financing, an appraisal, inspections or any other contingencies and Buyer accepts any remaining personal property at closing.
Real Estate Taxes: Taxes will be prorated to the date of closing.
Closing: Closing will take place on or before March 19, 2026. The balance of the purchase price will be payable at closing by guaranteed check or wire transfer.
Possession: At closing upon payment in full.
NO REAL ESTATE BUYER’S PREMIUM!
Registration: Visit www.fraiseauction.com to register and bid today!
PILOT GROVE SAVINGS BANK – SELLER
Gregory Johnson of Johnson Law Firm – Attorney for Seller
Auction Conducted By:
Fraise Auction & Real Estate
319-372-9121
Sales Representative: Carla McEntee 217-617-6975
OPEN HOUSE: THURSDAY, FEB. 5TH FROM 3-4PM
NA
CARLA MCENTEE 217-617-6975