As Wayne Brooks said, usually not. Keep in mind it could depend on the wording in your contract/purchase agreement though.
Regardless, you wouldn't want to make a habit of (or be known for) backing out of agreements for no reason. It'll just make it harder to get offers accepted in the future.
Ace A. When I first got my license.... way back when, someone told me, after your buyer signs the contract, hand them a bag of M&M's, and tell them to take them for the "buyers remorse" that natually comes afterwards.
It might be good for you to discuss the deal with a few people, and be sure you want to cancel the escrow, and aren't just afraid to go forward. Base your decision on whether or not it's a good deal.
Compare the property to others in the area, prices, amenities, etc. All old tract houses have small eat in kitchens, outdated appliances, heating and air conditioning, etc. If you find another property, will it have the same issues? What are the positives of the deal and property and negatives? Which has the most?