The "Three Day Rule" was created for people dealing with door to door salespeople and was later added to cover Time Share presentations. The principle is to allow consumers to get away from a pressure sales pitch in a place where they do not normally do business and come to their senses.
The standard Real Estate Contracts we use in Washington do not have a built in cancelation period. It's assumed that if you listed your home for sale with an agent, entertained showings, received an offer and signed it, that you meant to do that.
Now, I haven't seen your contract so I can't tell you what yours actually says, but I'm doubtful yours contains such a clause.
Your options at this point would be to ask to be released, if you have a sudden change of employment or health which complicates your situation you may find a compassionate buyer. You can refuse any changes due to inspection or extensions and use the contract to your advantage where possible, making the sale unattractive to the buyer. You can consult an attorney (which you should do regardless) to explore all of your options.
If the reason you want to cancel is to accept another offer for more money, be careful. Back up offers aren't always as secure as they seem. You could end up without any offers if you get too cute.
Best advice in this situation is consult with your agent who more than likely in this case will end up referring you to a good real estate attorney. I've seen some people do some creative things to get out of these situations like for instance offering the buyer a small amount for their troubles and executing some sort of release - however only attorneys can advise how to do this properly and legally. Tough situation.
In addition to the issue of they buyer suing you for damages (a judgment) or specific performance (an order forcing you to sell), one other issue is you possibly will owe the commission to both agents on the sale. Your listing agreement probably indicated in some manner that you would pay a commission if a buyer was found for your property. One was found and you would be backing out of the deal without excuse. Again though, that would also require a review of your listing agreement. I just wanted to through out that as an additional possible element of damages.
IF the above conditions exist then consulting an attorney would be a good idea as it is not a good idea for your agent (or me) to give you legal advice.
If you would like to give more information I can be of more help.
Talk to your agent....in California, when we have acceptance and opened escrow we have a deal, they cannot change their minds. I'm not sure about your location....but get your agent and if necessary...their broker involved and push to get the home.
Hope it works out for you...frustrating,
A seller cannot be forced to sell a home; but a buyer may have grounds for damages in some cases.
This is an "attorney question", based on the individual details. You may have legitimate reasons to cancel.
Jean Bradford, ABR,GRI,CRS,CRB,SFR
John L. Scott
Silverdale, WA 98383