Typically, bank-owned homes do no come with disclosures as to the actual physical condition of the property, and are usually sold "as is" - which means that if you made your offer without inspection contingencies, even after the inspection reveals any issues, you would not be able to back out of the contract.
The home will still have to go through an appraisal. It may, or may not, appraise for the amount that you put your offer in for (if you are financing, that could be an issue; if cash, then you must decide whether you want the property badly enough to pay above what the appraisal comes in at if it appraises lower than what you're offering).
You will have to follow through with all of the stipulations in the offer re: deadlines. If you are having an inspection of the property, then that must be completed. Mortgage contingency dates - if you are financing, the lender must supply you with a commitment letter by the date specified in your offer. If all of the above items have been satisfied by the specified dates, then your closing should also take place on the date specified in your offer.
If there are issues arising from the lender, or even from the seller, which require you to extend the closing date, then make sure that your agent addresses that in a timely manner.