LEE CO., IA HOME & ACREAGE AUCTION

Lee County, Iowa

HOME & ACREAGE AUCTION

(Selling Online Only)

BIDDING ENDS WEDNESDAY, OCTOBER 2ND, 2025 at 10:00 A.M.

3025 189^TH STREET, FORT MADISON, IOWA

Open House/ Inspection: Thursday, September 18 from 5:00 P.M. – 6:30P.M.

General Information: Selling at Absolute Auction, this unique 6.95-acre property offers the combination of a country setting with the convenience of being just outside the Fort Madison city limits. The acreage includes wooded areas and fenced pasture, making it ideal for horses or hobby livestock, and is improved with a 36′ x 40′ shop featuring two horse stalls. An all-brick ranch-style home with attached 2-car garage and full walkout basement sits on the property, totaling 2,800 sq. ft. with 4 bedrooms and 2 baths. The home has not been occupied for approximately five years and is in major disrepair, requiring a full remodel down to the studs due to long-term vacancy, deferred maintenance, and roof issues. The solid all-brick structure is salvageable, offering buyers a foundation to rebuild and customize to their own vision. Acreages like this are increasingly scarce, and with its prime location, this property presents a valuable opportunity.

Auctioneer’s Note: Auctioneer’s Note: Acreages of this size and location are seldom offered for sale. Just outside Fort Madison, this property includes nearly 7 acres with pasture, and a shop. The brick home will need a complete renovation, but the structure is salvageable and ready to be designed to the new owner’s own taste. The auction will be held online, giving you the convenience of bidding from anywhere.

Terms: $10,000 earnest money deposit due at the end of the auction with the remainder due on or before October 30, 2025. 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 or any other contingencies.

Septic System: This Property is serviced by a septic system.  It will be the Buyers sole expense to have it inspected and or updated if required by law.

Inclusions: Buyer accepts any remaining personal property at the time of closing.

Subdivision Information: Although located in a small subdivision, there are no association fees or formal bylaws. Road maintenance is handled informally, with neighbors agreeing each year on gravel needs, and an adjoining property owner currently provides snow removal.

Survey: Land is selling based on the advertised acres, and the Seller shall not be obligated to provide a survey. All boundary lines shown on maps are approximate.

Closing: Closing will take place on or before October 30, 2025. 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 BUYERS PREMIUM!

Registration: Visit www.fraiseauction.com to register and bid today!

RICHARD E. THYE – SELLER

Shannon Thye – POA

Christy Popejoy- Attorney for Seller

Auction Conducted By

Fraise Auction & Real Estate

319-367-5744

www.fraiseauction.com

PREVIEW/OPEN HOUSE: THURSDAY, SEPT. 18TH FROM 5-6:30 PM AT 3025 189TH ST, FT MADISON, IA

NOT APPLICABLE

COREY FRAISE 319-470-0115