If the bank has made the determination that the only way a property can be sold is with cash. It would because the bank with the realtor assigned to the marketing of the property it is unlikely for the property to obtain financing. The reason can be may differnt reasons, it can be: the property needs to much work, foundation in need of signifcant repair, electric will not meet specific requirements needed to get insurance and financing, not meeting underwriting criteria for occupancy percentages for condo's or coops,or the complex and the home owner association may not be in a good finacial stable condition.
So there may be many reasons for selling a property for cash. But the bottom line is the bank is looking who they get net the most money out of the liquidation of the property in the shortest period of time. The bank does not want to accept offers with only the financing to kill the deal. (this would only cost the bank valuable time and money) - Earlier today