I have tried few backorder services including that of godaddy but never had luck with them, though in most of the cases, I was able to book those names manually before backorder service.
So Javed, it depends, if that name is some type of rare name, it's possible that many domain squatters have already backorderd it.
If that name is not something special, I would just keep an eye on it and book it as soon as it is deleted and available again.
Few tips, never visit the domain you are interested in to grab, for such domains use http://www.internic.com/whois.html
for whois, do not do whois on the registrars site. Mostly I have seen if registrar (specially godaddy) sees that someone is interested in an expired domain, they themselves grab it.
If godaddy is the registrar, see their terms, time line for domain deletion. Normally it is 75 days (40 grace +30 redemption +5 deletion) from the date of expiry.
Now calculate the remaining days from the domain's expiry date and see how you would like to proceed.