The short sale is unique and requires educated and experienced Realtors on both sides. And there are many tactics that need to be implemented to facilitate the sale and ensure closure.
Best of luck
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
The bank was ready to close on April 4. Although you personally were fine with that date, the fact is that you didn't buy by the 4th.
You say that you "did not understand" why an extension was necessary. Sometimes you have to keep asking until you get an answer that makes sense to you. I suspect it had to do with your financing, getting an appraisal, etc. But that scenario isn't uncommon; you wait a long time and then the bank comes up with a very short deadline.
The NAR Code of Ethics doesn't allow me to criticize other Realtors, and I don't. However, it is . . . ummm . . . unusual for an agent to predict that "it would be no problem" to get such an extension. Sometimes you can. Sometimes you can't. Problem is: It's unpredictable.
You say you were calling your agent and his office almost daily asking what was going on. So you called maybe 8 or 10 times? What answer did you get? Or did you even get a call back? You were doing the right thing by calling, but maybe after the 4th or 5th call you might have stepped it up a bit.
Finally, like the others here, I've never heard of a requirement that you can't ask for an extension until 48 hours before the sale. It's possible, I guess. Anything is possible. But that's generally cutting it way, way too close.
At this point, call up your Realtor's broker. If you can't get him/her on the line, show up in person. Ask your questions and make sure you get answers that you fully understand.
Short sales are so unpredictable that YES there is a chance you can lose the house. Unfortunately you have a lot of time invested with this property and your agent doesn't seem to have many answers but there is really no way to tell if they will extend it or not. It's up to the bank and the home owner/ listing agent to negotiate that.
With short sales always be prepared for the worst and know that there are other homes out there for you to buy if it doesn't happen for you.
Good Luck, sorry to hear your frustrating story!
I hope this answers your question,