I found a nice domain name that was available to be purchased according to NameCheap, so I went ahead and grabbed it. Unfortunately, its status was in "redemptionPeriod," which I don't know what that means. Could someone clue me in on what this is? Thanks!
An expired domain name, if not renewed within 30 days from the date of expiry is placed into Redemption status. The Redemption period lies for 30 days within which you can redeem your domain name by paying appropriate redemption charges. You can find more info here: http://www.cyberindian.com/domain-registration/article.php?article_id=185
So if I didn't own this domain previously, and I "purchased" it from NameCheap, I then have to wait and hope the original owner doesn't decide to pay the redemption fee, or do I have to wait until the 30 day period is up before actually buying it?