On this topic, does anyone know what process GoDaddy follows when they snatch up a domain that has lapsed?

There's a domain I've wanted for decades for sentimental reasons. I randomly checked on it a few weeks ago and noticed it had lapsed but GoDaddy had picked it up and was asking $3,500 for it.

Obviously I'm not going to pay that, so I'm keeping an eye on it (through searches on other registrars) to see if they drop the price (I'd pay a few hundred bucks for it).

I haven't contacted them or tried to make an offer yet, cause I don't want to let them know that someone is actually interested in the domain and ruin any chances I'd have just by waiting.