Auction Details

Terms & Conditions of Online Auction

• This is an extended bidding online auction - if anyone bids within the last 2 minutes of the real property being sold, the bidding extends back to 2 minutes until there are no more bids made and the property up for sale times out
  
  Once the property has reached an acceptable amount by the Seller, this will turn into a traditional real estate transaction that will be handled and overseen by Ryan Backes, Broker for Backes Real Estate.
  
  Selling by legal description. This will consist of two parcels selling together better known as 103 Main Street and 105 Main Street both located in Coulter, Iowa.
  
  10% of selling price required day of sale as earnest money and to be deposited into Backes Realty LLC Trust account.
  
  A 10% buyers’ premium will be added to the final selling price for a gross total and paid by the Buyer at closing.
  
  This is a cash offer or prequalified auction only. Not subject to financing, appraisal or inspection after auction. If the Buyer needs financing, they must secure the necessary documentations prior to bidding on this property. If the Buyer cannot perform financially, they will forfeit the 10% earnest money.
  
  Balance of the selling price due in full in 30 days or a date acceptable to both parties.
  
  Buyer and Seller are each required to sign a Uniform Offer and Acceptance and Disclosure Statement provided by Sellers.
  
  A Merchantable Abstract of Title and a warranty deed provided by the Seller at the closing.
  
  Real estate taxes will be paid by the Seller prorated to date of possession.
  
  Possession of the real estate will be given at the closing.
  
  Final bid requires Sellers approval.
  
  Buyer acknowledges the He or She has inspected the premises and are bidding on the real estate in a “where is” “as is” condition with all faults whether known or unknown. Buyer also acknowledges that NO equipment from the bar and restaurant are included in this online auction.
  
  Surveying of the property lines will be the responsibility of the Buyer.
  
  The 2023 assessed valuation as shown in the Franklin County Court House is:
  Parcel 1 – 103 Main Street: $22,100.00 Parcel 2 – 105 Main Street: $88,100.00
  
  The 2021 (payable 2022-23) gross property taxes as shown in the Franklin County Court House is:
  Parcel 1 – 103 Main Street: $670.93 Parcel 2 – 105 Main Street: $1,944.94
  
  When the bidding is “Closed” or “Suspended” by the auctioneer for any reason, the bidding will resume when all pertinent information has been determined.
  
  Backes Auctioneers nor Backes Real Estate assumes no responsibility of the accuracy of the information contained herein, although the information was obtained from sources considered to be reliable.
  
  Changes in description can be made by Backes Auctioneers or Backes Real Estate prior to the final selling time so Buyer, please check back prior to auction closing
  

Real Estate Information - Parcel 1

• This online auction will consist of two parcels being offered together as one price.
  
  This online auction is for the REAL PROPERTY only. There will be NO bar or restaurant equipment of any kind being included in this online auction. The equipment will be offered in another online auction that will start at 10 AM on the same day so if the real property does reach an acceptable offer, the Buyer has the opportunity to purchase the equipment they may need for future operations.
  
  Parcel 1 - 103 Main Street, Coulter, Iowa
  Lot Size: 50' x 133' (6,650 s/f)
  Zoned: C - Commercial
  Parcel ID: 0631330003
  Building Size: Approximately 1,060 s/f
  Property Description: Locally known as The Garage Tavern. Front area for seating to include the front bar and back bar with 2 smaller, non handicapped restrooms as well as step down back kitchen area. Again, no equipment is included in this online auction. There is a basement under this section of the building with newer air handling system in place. Good outdoor open area with fence in place for outdoor bar related activities. Located on corner in downtown area.