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Wallace McGregor Estate
Agricultural & Residential Online Real Estate Auction
Kimball, Brule County, SD
November 14, 2022
6:00 pm - Real Estate Closing
6:30 pm - Personal Property Closing
Welcome to the Wallace (Wally) McGregor Estate Online Real Estate Auction! Wally was a long-time Kimball, SD resident with a mechanical mind who enjoyed working on and repairing many things. He operated Wally's Radio & TV Repair in Kimball for many years and also enjoyed a 42 year career as a rural mail carrier for the US Postal Service.
This auction is an opportunity to purchase a well-located 61 acre agricultural tract of land approx two miles east of Kimball, SD on the south side of Old Hwy 16. This desirable, mixed-use agricultural property features hay production, grazing or wildlife development potential, building site and more! The property is easily accessed and utilities are nearby. Smaller ag tracts are hard to find and here is one that checks a lot of boxes for many different uses - don't miss this opportunity!
Also featured on the auction is an early 1920s residential home in Kimball, SD. Located at 412 S East Street, the property is less than a block south of the Kimball School. This three bedroom, one bath home is ready for your personal touches! The property was recently cleared of a second, older home and garage thus affording the opportunity to build a nice garage or shop right beside the home and still have plenty of outdoor space.
All potential bidders will need to be approved by the Auction Company prior to bidding using the following requirements/terms.
All prospective purchasers that have no prior real estate purchase/business history with Peterson Land & Auction LLC shall be required to submit a letter of credit/guarantee or proof of funds from an FDIC insured lending institution or financial services company prior to being approved to bid. Peterson Land & Auction LLC and the Seller shall have absolute discretion and authority to qualify or not qualify potential bidders. If you have any question as to your ability to bid, contact our office in advance of the auction.
1. Each party must register with their full legal name, current mailing address, telephone number and email address.
2. Buyer and Seller agree to execute a written purchase agreement within 24 hours of auction closing.
3. Non-refundable deposits in the amount of $5000 (Five Thousand dollars) - for the house in town - and $10,000 (Ten Thousand dollars) - for the agricultural real estate - shall be tendered by the purchaser at time of purchase agreement execution.
4. No Buyer contingencies of any kind are offered, nor will any be accepted. These include but are not limited to appraisal, financing, home inspection & home sale. Potential buyers are expected to have their financial arrangements secured prior to bidding. Buyers who are unable to close because of insufficient funds will be in default and the earnest money will be forfeited.
5. Property Inspection: Each potential bidder shall be responsible for conducting, at their own risk, independent inspections, inquiries and due diligence concerning the property. Each potential bidder shall be liable for any property damage caused by any such inspections or investigations. Seller makes no warranty whatsoever about the property and specifically disclaims all warranties of fitness for a particular purpose or or any warranty of habitability. Property sells in AS-IS condition.
6. Closing & possession date shall be on or before December 15, 2022 at Brule County Abstract, Chamberlain, SD. The closing fee shall be divided equally between the buyer and seller.
7. Merchantable title shall be conveyed by Warranty Deed. Owner's title insurance will be provided with the cost divided equally between buyer and seller.
8. Property is being sold by legal description only. Seller is not aware of any boundary issues.
9. 2021 Real Estate taxes due and payable in 2022 will be paid by the Seller. 2022 Real Estate taxes due and payable in 2023 shall be pro-rated to the date of closing based on the most current county information.
10. Chisum E. Peterson, Broker and Peterson Land & Auction LLC, Brokerage Firm, represent the Seller Only in this transaction.
11. No Buyer's Premium on this auction.
12. The laws of the State of South Dakota governs this agreement. Any dispute arising from the terms of this auction shall be brought in a court of Brule County, South Dakota.
United States