The short answer is that it makes no difference whatsoever. The lenders have a process and they stick to that process no matter what form the offer comes. It's really sad but this is exactly what is causing the continuation of the housing meltdown. There are plenty of cash and / or well qualified - ready, willing and able buyers, but with most homes currently in foreclosure or short sale and the lenders understaffed it just takes too long to get offers approved.
I closed on a transaction yesterday that had been in escrow since early July 2008. I was the listing agent on the property. By the time it got approved (by IndyMac, the first mortgage holder) on New Year's eve, two buyers had already walked away. We finally got a third buyer and while waiting for the 2nd lienholder to approve they also walked away. We got a 4th buyer and by that time, IndyMac Bank had failed and was taken over by the FDIC so we had to get some additional forms completed. We finally were able to close yesterday. If we had not closed by yesterday and needed an extension, IndyMac would have begun to redice the agents commission for each extension of closing date - what incentive is that?
I have another listing right now where the first lienholder (WaMu/Chase)has agreed to pay the 2nd (HSBC) $4,000 to close, but HSBC won't accept less than $10,000. They are in a stalemate and neither will budge so that proeprty will go to Trustee Sale in early March.
I hope this helps. If you have the patience and tenacity to wait through the process, you'll get a great deal !
Broker & Realtor
Orange County, CA