[tremon]

Your specific example is not intended to address buyer's remorse, but mortgage financing. After agreeing to a house sale, the buyer has three days to have their bank sign off on it. Yes, it's nice that it slightly alleviates pressure but the primary goal is to streamline house sales by making the financing details part of the finalization instead of the decision-making process.

[chrismorgan]

I don't believe you’re correct. Certainly in Australia the cooling-off period is all about buyer’s remorse; “subject to finance” is a completely unrelated condition commonly added to the contract, and even with pre-approval it’s probably seldom resolved within three days.