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Confused - Buy It Now on Auction Style Listings

I thought that when a buyer selects "Buy It Now" (on a listing where immediate payment is NOT required) should pay asap as the listing remains active until it is actually paid for. Example: John Doe chooses "Buy it Now" at 10 am, but waits several hours or days to pay. Sally Jones comes along at 11 am and buys it now with immediate payment and John Doe loses out. If this isn't true, would someone tell me, as I can't seem to find this in any discussion thread here or on eBay. Thanks,
Jeanie B.
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