Is it worth while to low ball overpriced properties? Probably not in my opinion.

I think you are better off waiting for the seller to re-adjust their expectations versus submitting a low ball offer. It is very rare to see properties sell more than 5% off CURRENT ASKING PRICE; however, 5% off ORIGINAL ASKING PRICE is much more common. The difference between original and current asking price is the seller re-adjusting his or her expectations.