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Can seller back out of contract the day after it is signed?

California residence. Long story short. My dad is selling the house I grew up in. A couple days ago, I spent the weekend fixing up the place and decided I really am attached to it and want to buy it. Later the next day, after work I called him to tell him, but he had put it on the market and agreed to an offer and signed the contract all within about an 8 hour period. He is very distraught, and so am I as he wants me to have the house. As the title suggests, is there a "3 day cooling off period" or "5 day attorney review period" or something along those lines that we can utilize an attorney to help us back out of the contract? Assuming there are no other clauses that allow us to back out. For example, "if seller can't find another home to buy in 30 days he can cancel", etc. I am also willing to pay for damages and fees the other party has incurred out of pocket no problem at all. I really want to make up for their losses, especially because I'm to blame. I would love to know if there any laws such as what I mentioned previously that us to back out without breach of contract, but also if there isn't any we back out a breach contract, can I just have a lawyer offer a settlement for cost of damages to the buyer outright without having to take it to court? I'm probably going to speak with an attorney tomorrow.

submitted by /u/XxbloodawgxX
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source https://www.reddit.com/r/RealEstate/comments/12tu1ib/can_seller_back_out_of_contract_the_day_after_it/
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