Point iron mass seems small enough to be a single-domain particle, magnetized to saturation, more or less a magnetic dipole. If so, then the net force must be equal exactly to zero (with possibly but non-zero torque!).

In a uniform magnetic field, the two poles of the magnetic needle experience equal and opposite forces. In other words, the force at one end nullifies the force at the other end. Hence, the needle experience only the torque due to the magnetic field and there is no force. But, when an iron needle is placed close to a bar magnet, magnetization takes place. Moreover, since the poles do not experience a uniform magnetic field, the two poles of the magnet experience forces of unequal magnitude although the direction is different for each pole. So, apart from torque, the magnetized needle experiences a force.