Is there any quick way of buying domains coming up for renewal ...

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There are plenty of domain registrars who will let you place backorders, where they will attempt to grab the domain for you when it becomes available.

Is there an extra cost for doing this

I know some people use some certain software out there that will automatically tell them when a domain comes up for sale whether they have pacifically had it built for themselves or its an open thing i don't know

Source: http://www.ukbusinessforums.co.uk/forums/showthread.php?t=286732

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