A I Realty
How much is the property worth?
Sometimes properties will be listed at unreasonably low prices just to get bids. I don't know about the area you're referring to, but maybe it's a "teaser" price designed to attract multiple bids.
On the other hand, if the property is only worth $17,000, why would you overbid by so much? As the others have noted, if you're planning on financing, it'll have to appraise for what you're paying. That's not a problem if you're paying cash . . . but then you may be throwing away $8,000.
The answer depends on a lot of different factors. If you are paying Cash, then for sure yes. If you are financing the offer, then the comps have to be favorable, other properties around there have to be worth as much as you are financing.
A lot of properties on the market today have bids higher than asking because many people want to secure the property and are willing to "overpay".
If you want to post the address I can give you a more educated answer. My contact information is below.
Karen Paytas, GRI, CMS
Real Living Kee Realty