Buy bank-owned model home leftover from bankrupt developer?

I'm a first-time buyer in the Chicago suburbs hoping to purchase a home in the spring. I went to an open house yesterday at a townhome that was a model at a development (built 2006) where the builder went bankrupt shortly thereafter (2007); I don't know the specifics, but I believe all the units were completed, and while the landscaping doesn't appear to have been quite finished, I think most of the units are occupied and there aren't any partially-finished structures lying around. This unit is owned by the bank and is being sold as-is, but was never sold or occupied, so there are none of the usual worries about a foreclosed occupant trashing the place. It was winterized at some point and has been on the market on and off for the past 5 years, so for the time being I'm assuming the bank has made sure the pipes wouldn't freeze, etc. Of course if I get to the point of wanting to make an offer I will have a thorough inspection done.

The unit is gorgeous (of course), exactly what I'm looking for, and I would be buying it for essentially half-price or less, but the whole situation makes me wonder how worried I should be. It's never been under contract, so I don't have any reason to believe that someone has done an inspection and found problems, and everything appeared to be in good shape (to my untrained eye) -- the lights worked fine, and the built-in security system was functioning as well. What I'm more worried about is the builder's circumstances prior to going bankrupt, and whether they may have cut corners in ways that would be difficult to detect until it's too late.

If it's still on the market in a month or two when I start looking in earnest (I'll be searching for a buyer's agent and getting preapproved for financing in January), I think I will want to seriously consider this place, but I also want to be very careful. What should I look out for? What questions do I need to ask? Are there little-known hazards of a home being unoccupied for 5 years, even if it is maintained at some basic standard (not allowed to freeze, appliances unhooked, doors and windows kept shut, etc.) by the bank? Might there be significant hidden costs here? I know there won't be a warranty, I'll have to look at the HOA documents to figure out if they're in good shape, and since the building was completed (and the bankruptcy sorted out a while ago), I wouldn't think there would be any liens or anything like that, but I want to be prepared. Any help you all can give would be greatly appreciated! :-)