We have our eye on a domain name but it is currently owned by someone else - how do you approach the person about the domain they currently do not have a website and it is due to expire at the end of the month.

You could wait until it expires on sites like Deleted Domain Names and there are other sites that automatically put your name in an auction for the name but then you are bidding on it with other people and the minimum cost is typically $60. Finally you could just approach them but expect to pay more.

I prefer this approach because many times a domain holder does not know the value of their domain and you can often pay them many times more than what they paid for it i.e. buy for $10 ask them to sell it for $60 if they have no future use for it - why not!

I have not been that successfull with this approach I guess there are too many people trying to get too few of good names

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I agree with most of these comments but to put it simply - If you have deep pockets and the name is critical to you - approach them. If not try to get them at private auctions - if you have some money and they are fairly important to you - if you dont have much money and it is not that important wait until they drop