Cash offers

[Wesley W.]

As I begin my investing career, I've heard more than once that one can get the "deepest discount" on an investment property if it is a cash offer.

Excuse my ignorance, but I don't understand why?

There still has to be a closing, with attorneys for each participant, right? If I'm buying a house the bank I am lending money from is going to write a check to the seller, much like I would if I am paying cash, no?

Does the lending piece delay the closing? In other words, if I am paying cash is the primary advantage the speed of closing? If so, what is the typical time difference between a mortgage closing and cash?

Thanks in advance!