I've bought my fair share of domain names over the years, both new and from others. But I've never attempted to pick-up one which is about to be deleted and released back into the pool.
It's actually hard to find good information on this subject (at least I never got very far). The places which offer some information are usually affiliated with back-order services, so don't explain much.
I understand that when a domain goes into the deleting status, that it will be made available to purchase after 5 days.
I do not trust back-ordering services for a simple reason. They can easily grab and hold the name to ransom (i.e. create a bidding war). This is fine if you have a lot of cash available, but that's not me.
I would like to know how to best approach trying to grab the name. My thoughts are this.
Wait to a few seconds after midnight when the domain is due back on the market and use a registrar to try and buy it before the back-ordering systems get it.
Will this work? can anyone suggest a better method?