Is condo association still responsible if defective new units sold "as is"?

Our development was foreclosed on by who provided the financing for the developer before it was completed. The development is for 30 units in 15 buildings. The developer did turn over the condo association to the one lone owner. The bank sold 5 other built units "as is" to five new owners. One of the buildings had a surface water drainage/grading issue noticed by the new owners after the sale and were afraid they were going to get water in their basements. The real estate agent told the buyers that the Condo Association has to fix the issue. Our Condo Documents state that the Association is responsible for the "maintenance and repair" of all the common areas. My question is since the units were sold "as is" who is responsible for the grading to fix this issue? It would have been the developer but he is long gone.