Bank wants to transition condo building association to owners

We live in an 8 unit condo building that is owned by the bank due to the builder being foreclosed upon. The bank has been neglecting the property for three years. The small issues are: extremely limited grass cutting and refusal to make small repairs like siding. In the very near future, they will theoretically be passing this 'association' off to us, with $0 in reserve and a pile of small repairs. Are there grounds to sue this bank for non-performance and lack of reserve funding?