I will soon be in similar situation and I am truly concerned since godaddy seems to be doing lots of money on putting other people's expired domains on auction! I do not agree they belong to godaddy to make profit of it!
It will take up to 41 days if you are lucky and nobody buys that domain.
Read here: https://uk.godaddy.com/help/what-happens-after-domain-names-...
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This seems an interesting article too: https://mikeindustries.com/blog/archive/2005/03/how-to-snatc...
As well as this one: http://www.scottphillips.com/2011/01/buying-an-expiring-doma...
