How to buy an expiring domain?

[stoofa]

If your domain is expiring in a couple of days you really should hurry this up - especially if you want to keep it!
Personally I would never start transfering a domain if there are only a couple of days left.
It can take longer for the whole transfer request to go through and if it expires during transfer you will lose the domain into the redemption period and then it will cost you a bomb to get it back.

If it's a domain you really want to keep then I'd renew it where it is now just for a year and once it is safely renewed then transfer it.

Note:
No you don't want to let it expire and then "Immediately re-register it" because you can't.
If you let it expire the domain goes into a redemption period and then eventually it is deleted and available again on a first come first served basis about 30 days later.
If it's a good name you will be beaten to re-registering it by the large "Name Snapping" companies - their software will beat your manual attempt every time.

 

[Van Hellseek]

If you let it expire the domain goes into a redemption period

But doesn't that last for 75 days? I thought the idea was that you could renew (or re-register) your domain up to 75 days after it expires, during which nobody else can take it.
And after the 75 days are up anyone can nab it.

 

[Redrum]

I’d like to point out that although theres some good advice in this thread, how things work with domains does vary greatly depending on the TLD you are referring to, which no-one seems to be mentioning (e.g. the processes for .co.uk are different for .coms).

If you are going to wait for a domain to expire, you also need to take into account the fact that before it is completely expired and available to register, it will probably be suspended for a while, which means if theres a live site or email on the domain, that it will stop functioning.