Has the lending process ever kept you from landing a good deal?

[Eric T.]

I understand that one of the advantages to paying all cash for a property is the fact that you don't have to go through the process of acquiring a loan. It can take weeks to be approved for a loan, and some sellers don't want to have to wait that long in order to get their property.

I have two questions:

1) In the seller's point of view, how important is it for the buyer to want to pay all cash for a property? Is it generally preferable to a seller that the property be purchased in all cash? I'm trying to get a better idea of how much of an edge is given to investors willing to pay all cash versus those who do not. 

2) For experienced REI's out there, I've love to hear any stories you have about challenges you've faced when getting a loan. How much of a bottleneck/inconvenience has it been for you to go through the lending process? Has it kept you from securing deals in the past?