I've seen some people comment about losing the link value of domains that have expired and picked up, but what about non-expired domains? Let's say a competitor is going out of business and they still have a year or two left, and we buy their domain and site. Is there a risk changing registrant info and registrars, even if I keep their site up and mostly the same as before? I was under the impression that I'd want to keep it under their name so as not to hit the uber-reset button on the domain's inbound link value.
Alternatively, you can monitor a domain name for free at a number of locations. DomainTools.com offers a free domain name monitor tool, as does DomainHole.com (both available with free member registration). Once you receive an email notification that a domain has changed status from active to expired, you can follow the process listed above to enter a bid at the auction partner site.
By using GoDaddy auctions section, you can also use keywords to search the domain names that you are interested in. For instance, if you type the keyword something like “fitness”, it will list you out all the domain names that matches with the keyword “Fitness” so you can easily make a list of all the domain names with your desired keyword selection.