Condo Winterized After Foreclosure

I found a condo about a month ago priced to sell at $69,000, it was foreclosed over a year ago. I noticed last week online it was reduced to $60,800. I made a bid for $55,000 and it was accepted today.
However, I am concerned about the water and gas being shut off for over a year. The disclosure said the water leaks at toilet bowl, but they won't turn the water on. I called a plumber and was given estimates from low to high with toilet leak issue. However, the gas would need to be turned on also to check furnace. The bank is selling as is.
At this point I can walk away as no contract was signed, and I have 48 hours. I have not seen any bylaws for the condo, etc. The condos sell every 3 years it seems. I was able to access the tax info, and seller/buyer information since 2007. The taxes jumped over $250 per year a few times. The unit I want was foreclosed on for whatever reason after the buyer lived there since 2007.
There are so many questions and I wonder if HOA fees increased during the tax increase. Well, did the condo need a new roof and isn't this improvement? Did the residents have to pay more in HOA fees?
I've mentioned this to my agent. Should I insist I need to see any improvements done? There are 19 buyers since 2007 who still live there through the ups/downs of increased taxes. On the other hand there are 15 buyers who who sell every 3 years.
I appreciate all views. Thank you.

I am a former house flipper... Or wishfull thinker... I would go zillow and check out what the properties are selling for. You want to be able to comp the repairs with the sales. A toilet leak can be minor or major compared if it is on the 2nd floor. I had a hose disconnect after I moved in flooding my bathroom and 1 bedroom on a toilet. It was an easy cheap repair for the toilet by buying a metal no break hose. It was the water damage that cost me.

It is time to go to the courthouse and get a copy of the cc&rs. They are in the records department. The money savings for you is if you plan to use this as rental property. The dues and expenses of repairs can be tax deductible. They are not if your going to occupy. A consideration to think about.

An As Is sale of the bank usually means they are NOT going to do any repairs before completing the sale. Thehome inspection would be for your benefit. It will give you an idea of repairs cost. Even carpet, paint, and cleaning costs money. Sounds like you may have to go deeper.

I would check out how long it takes to sell in the area. How many other rentals there are. Is there a right of redemption period?

I would also use a buyers agent. They work for you. They are real estate agents and can work as both sales or buyer.

Good luck. Make friends with the approval committee. You want ask permission than forgiveness in a HOA.

While home inspectors can't predict everything, it may be a good idea to hire one to go through the house. Or perhaps a plumber. Better to pay for an inspection and spend a little money now than get the house as is and find even more problems than the plumbing.

And you should definitely get hold of the governing documents to see if the CCRs and Bylaws are the kind you can live with. For everything else, see if there's a property manager and request a copy of the current budget, a year's worth of board meeting minutes and maybe even the most recent reserve study. Since the bank is the owner, you may want to ask them to get the information (if they're really interested in selling it, they may want to have it handy for serious buyers). You might be able to talk to some of the neighbors who can tell you what's going on. Good luck!

Thanks for the comments all, much appreciated!
Well, I decided not to accept the offer. I asked my agent yesterday morning for the bylaws and she said she was working on it, but have not heard back from her. I did speak with the utility companies and they said there is no water fees history for this unit, so I assumed the HOA pays for water. However, agent said I would pay for water.
Anyway, I feel "back to normal" now that I decided to let it go. There will be something better I know!

after checking several RE sites :

antique bath plumbing

antique dish washer

microwave IMPROPER retrofit over range (height issue) ~ fan hood replaced w/o raising/replacing cabinet ~ ?electrical?

OLD OLD school brick construction with a forced air furnace ~ ?upcoming assessment for repointing?

because the owners permitted the 'brainless' microwave installation which is indicative of type of work permitted:

imo; $45,000 + plan on a $15-25,000 rehab

you don't need the aggravation

CAVEAT EMPTOR