Here comes my part of the story.. I took the GMAT recently and scored a Consolation (710 - 47Q and 40V). I too was with the same question in late October when I took GMAT for the first time - "GMAT 650(47Q & 33 V) !! My chances??". The first question after I saw the score was - Do I really deserve a 33 in VA? I came back home and immediately took another GMAT appointment for early December, practiced OG 10 & 11 Verbal sections in the last week before the G day and 710. It's as simple as that.
One simple advise I would give to anyone who has a 650 and is thinking of chances, the first chance is to re-take the test. You definitely deserve a better score!! Don't get bogged down by comments LIKE it's very difficult to get a better score or it will have an impact on your admission matters. Attempting once more paid me well and I believe will do the same to you.
Another advise in general. take as many mock tests as possible and analyse your answers every time. This was what I missed the first time.
The books I used (Though my score is not too good, I would like to share, as it may prove useful to someone somewhere sometime):
OG 10 & 11
I didn't personally know anyone who took GMAT. PG was my only source for inspiration, query resolution, data source et al.
I am planning to give away these books. If you are in Hyd, and are looking for quick books instead of searching in Koti, PM me.