Here's an old post on search engine roundtable that claims google's policy is to discount previous backlink juice when a domain changes ownership.  I'm not convinced whether this is actually true or something Google says to discourage excessive domain buying / 301 redirecting for SEO benefit.  The comments above seem to give varying opinions on this matter. Would be great to get to the bottom of that one!
Simple question: say I get the URL I want via auction for however umpteen hundreds of dollars, what about the renewal prices? Am I at the mercy of the auction house every year I want to renew it? Is it as simple as paying 10 or 15 bucks a year like with GoDaddy with a URL I got not through an Auction? I’m willing to pay for the desired URL up front but I don’t know what that entails down the pike.

I had two domains, a .com and .net with godaddy. I’m beyond their redemption period ($80 fee), but they said it should be released back to the public domain soon and I may be able to get it back. Before I knew this, I paid $12.99 plus ican fees for the .com thinking it was available as the rep told me she was able to add it their cart, and I paid a $24.95 fee for back ordering my .net domain. Shortly thereafter, I received an email from godaddy saying:

There is a secondary registrar check built-in, so shouldn't happen very often, so that's the amount external domains we found. Then out of those how many of them are expired domains we've found which will appear in here or in any of the other ones, depending on which type of crawl were running, and that's just simply how long this crewel has been running. So we've got a lot of the similar settings here, in the search query crawl. We have how many queries have been blocked, which you shouldn't get many with any blocked because you're, not hammering google, you know you're sending one query and then processing the results and then sending another query see not scraping Google all all at once. So that's how many queries we've done and how many we've got left to process.
The way this list is implemented means I can't update prices, nor removed sold domains automatically and sedo doesn't provide me with the tools I need to implement it properly. Unfortunately some users keep contacting me to update their domain prices or remove their domains and I can't keep doing that manually. So I've decided to disable the list for now.