Offering too much on a property?

[Adam Khalil]

Just saw a home that needs some work. Bank owned listed for 53K. The realtor got wind that there are plenty of offers all above asking. Bank owned and it's a really good deal and we are about to write an offer up for 75K all cash. Only scary thing is no contingencies not even inspection. Everything major that we saw looks sound but there are always unknowns. Fixed up it would easily sell for 140 to 150K, rented easily for 1400 as well. 

Am I crazy to go in 23K over asking? I figure a complete nightmare would be 50K to fix  assuming plumbing, electrical and foundation were shot which don't think that's the case based on seeing it.