The total Pending Delete period is 35 days. It is divided into two periods.
I. PENDING DELETE RESTORABLE
The 30-day period after a registrar has submitted a delete command to delete a domain from the registry, once the owner has failed to pay for renewal. All Internet services associated with the domain are disabled from that moment, once the name servers have updated. During this period, however, the registrar can submit a request to Restore the domain.
II.PENDING DELETE SCHEDULED FOR RELEASE
The 5-day period following the PENDING DELETE RESTORABLE period. During this period, all Internet services associated with the domain will remain disabled and domain cannot be Restored any more, even if you ask for it.
So there are a few options for you to procede:
1. Check the date the Pending Delete Status began. If it is less than 30 days, you can make a deal with the owner to renew it and then sell it to you.
2. If it is past the 30 days or the previous owner is unwilling to cooperate, you back-order the domain with the 3 big domain back-order services:
A. Namejet.com
B. Pool.com
C. Snapnames.com
If there's more than one interested party, the domain goes to an auction between you and him/them. If not, you get it for the minimum price of $69, 60 or 59 respectively in around 60 days time. Unless the previous owner changes his mind and renews.
The three players do not charge you anything unless you get the domain. And they are practically always fast enough to get it between the three of them. Faster than GoDaddy. But sometimes anomalies happen and the domain falls through their fingers straight into GoDaddy's greedy claws.
To cover your bases for that unlikely event you have to pay GoDaddy $20 upfront.
To add insult to injury GoDaddy will put the acquired domain on a public auction at its Tdnam service and the price can go very high, as ANYONE can participate.