In a private auction, what is meant by "As is, where is" condition?

The phrase "As is, where is" signifies that the buyer accepts the property in its current state, without any guarantees or warranties from the seller regarding its condition. This means that the buyer assumes all risks associated with the property at the time of the purchase, including any defects, damages, or issues that may exist. The expectation is that the buyer has thoroughly inspected the property and is aware of its condition before making the purchase. This condition is commonly seen in auctions and distressed properties, emphasizing that the seller will not be responsible for any repairs or issues after the sale is completed.

In contrast, the other options imply different aspects of an auction that do not align with the meaning of "As is, where is." Selling at a fixed price refers to a structured sale, while guaranteeing repairs and warranties suggest a responsibility on the seller’s part, which is not the case in an "As is, where is" transaction.