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cjr
We did this for our current house. It was marketed way too low, there was a huge amount of interest and it went to closed bids.
It was the perfect house in the perfect road for us and we decided on a price that we were happy to pay. We didn't make it a round multiple of 5 or 10. In my mind that made it more likely to win if some had offered say 100k or 105k as we would have had 101 or 106k (for example).
We won and were over the moon despite paying over the odds. 6yrs on the house is worth much more than that anyway now (that may not be the case if buying now though).