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It is a domain name that is registered and currently selling on domain marketplaces. Just like any marketplace domain names can be sold as is, with a company, in auction, and through domain brokers.
The previous domain owner let their domain expire and it is still in the redemption period where the previous owner can still pay a redemption and renewal fee to rescue their domain name. If after the expired domain auction ends the owner does not claim their domain, the winner of the domain auction will take ownership.
It is a domain name that the previous owner let expire and it has gone through the redemption period, the domain will become available to register in days or weeks. If the pending expired domain appears to have decent value, people will place a backorder through their favorite domain registrar.
I am researching what domain names are available or on the market based on client requirements. Each domain name suggested is handpicked and appraised through a 3rd party service that is widely utilized by domain professionals. A lot of work goes into the process to make sure clients are completely satisfied.