Can someone give me a detailed overview of catching expired/dropped names? I usually just hand reg myself but now have enough capital to buy dropped names.
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Have a look at this page. Read message #4 and #7: http://www.namepros.com/domain-newbies/680209-help-namejet.html
There is no catching and no dropping with %66 of expiring domains and they are available only on a specific site depending where the registrar sends them to.
Before domains drop they are filtered twice. However Godaddy, name.com and melbourne it domains are filtered 3 times (they go through 3 different auctions).