Where's my domain?

I'm a domain buying novice. If you're a pro at buying domains it will probably have lost a bit of its excitement, but I'm still such a novice that every time I buy a domain I'm still happy like a kid unwrapping a Christmas present. Or Easter egg, to remain in season.

I have been eying up a domain at GoDaddy Auctions for a few days. It's nice, short, exactly what I needed, and it was for sale at a low price. So when I finally made up my mind and clicked 'Buy Now' (and went through the usual hassle of checking out the virtual cart, updating the credit card details in my Paypal account etc.) I was expecting to see that nice domain show up in my account, ready to be fiddled with. Not so.

So what does the 'Buy Now' option in GoDaddy domain auctions actually mean?

It's complicated. But if I understand correctly it means that the domain has entered its final 'locked' state before expiring, and will be yours in five to ten more days. In that time the only one who can take your shiny new toy away from you is the previous owner, who has at that point been neglecting to renew his registration for more than two months, so isn't very likely to intervene. And if he does you're supposed to get your money back from GoDaddy.

The best explanation I've found for the whole process is a blog post by Mike Davidson. Old, but as far as I can see still up to date.

Meanwhile I'm waiting, and waiting. I'm still learning that making Web 2.0 apps is all about now-now-now but also about having patience.