Cash Only vs Bank Financing

[Mitchell Clokey]

Hello everyone! I've been looking to buy my first deal and come across a few properties listed as "cash only". They often seem to be in need of a major rehab and have very few details listed. I'm curious what "cash only" means in these circumstances. If I am preapproved for a loan, does this mean the buyer would not accept me paying with bank financing? Or, is the case more likely that a bank would not approve funding for the property because of the distressed state that it's in? Very new to this and appreciate any and all thoughts. Thank you!