Proof of Funds on a Miami Cash Offer: What Sellers Should Ask For
Short answer: Ask for proof of funds before you accept a cash offer, and before you open the door to a private showing for a buyer you can't place. A usable letter names the actual buyer, comes from a bank or brokerage you can call, covers the full price plus closing costs, and is dated within the last 30 to 60 days. A mortgage preapproval is not proof of funds.
By Lynley Ciorobea | October 15, 2026
A cash offer in Coral Gables is not worth more than a financed one until someone shows you the cash. Until then it's a number on a page.
The Florida Realtors/Florida Bar contract has a box for it (paragraph 8(a): "This is a cash transaction with no financing contingency"). That sounds like protection, and it is, but only if the money exists. The box doesn't make the buyer prove anything. If the funds turn out to be thin, you learn that after your house has spent weeks marked under contract, which tells every other serious buyer to look elsewhere. For a fresh listing in selling in Pinecrest or selling in South Miami, that lost time is the real cost, not the deposit you might eventually keep.
What a real letter looks like
On a $2.5 million offer, I want four things on the page before we talk about anything else:
The right name. The letter should name the person or entity actually making the offer, not a relative, a friend, or a different company.
A source you can call. A bank, brokerage, or attorney trust account, with letterhead and a named contact. A bank-certified letter carries more weight than a screenshot of a balance.
Enough to close. The price plus closing costs, not just the deposit. Funds spread across three accounts need all three documented.
A recent date. Thirty to 60 days is the usual outer limit. A letter from March means nothing in October.
A preapproval letter is a different document. It says a lender will probably lend. It says nothing about cash on hand. If the buyer is financing part of the price, treat it as a financed offer and ask for both.
Then do the part most sellers skip. Look up the bank's phone number yourself and call it, or have your agent do it. Don't use the number printed on the letter. If the buyer is an LLC, search the entity on Sunbiz (the state's corporate records site) and ask who is authorized to sign. I covered the entity side in LLC or trust buyers.
When to ask, and what should worry you
Ask when the offer arrives, not after you've signed. The contract won't ask for you, so the request goes into your counter or comes through your agent. At the higher price points I also ask before a private showing when a buyer arrives without representation, from out of state, or for a vacant house with a lockbox. Across Lynley's Coral Gables listings, single-family homes went to contract in a median of 6 days. When contracts move that fast, the questions get asked on day one, not day ten.
A few things should slow you down. A buyer who sends bank statements before anyone asked. Any version of an overpayment, where a deposit arrives too large and you're asked to wire back the difference. Pressure to skip your attorney or title agent's review. A price that ignores what comparable sales support.
Fraud runs in both directions right now. Florida Realtors reported on September 17 that, in a 2026 ALTA survey, 59% of title firms had seen a seller impersonation attempt in the prior year, up from 28% in 2024. The FBI's point in that coverage is the one that matters here: cash deals get less scrutiny than financed ones, which is exactly why they attract bad actors. Expect your title agent to verify you by video or in person. That's the system working.
Once you're under contract, the first real test is the deposit. The initial deposit is due to the escrow agent within a few days of the effective date (the form's blanks control, and three days is common). A deposit that's late, bounces, or needs an excuse tells you more than any letter did. Choosing between offers is a different question, and I walked through it in cash offer vs. financed offer.
If you have a cash offer in hand and want a second set of eyes on the letter, send it over. I'll tell you what I'd ask for next.
Frequently asked questions
Can a Florida seller require proof of funds before accepting an offer?
Yes. Nothing stops you from making it a condition of your counteroffer or asking through your agent before you respond. The standard FR/BAR contract lets a buyer check the cash box without attaching documentation, so the request is yours to make.
Is a mortgage preapproval the same as proof of funds?
No. A preapproval shows a lender is likely to approve a loan. Proof of funds shows money the buyer already has, in an account, for a cash purchase or the down payment.
How recent should a proof of funds letter be?
Within 30 to 60 days of the offer. If closing is weeks away, ask for updated documentation before you close.
About Lynley Ciorobea
Lynley Ciorobea is a Miami-born real estate professional known for helping homeowners successfully prepare, position, and sell their homes across Coral Gables, South Miami, Pinecrest, Palmetto Bay, and the surrounding southern Miami neighborhoods. Since 2007, she has built her business around thoughtful strategy, strong negotiation, and a marketing-first approach designed to help listings stand out in an ever-evolving market. A true local, Lynley grew up in Pinecrest and graduated from Palmer Trinity School before attending Duke University, where she earned a BA in Psychology. As the founder of the Lynley Residential Group, Lynley remains personally involved in every listing she represents. With more than $250 million in career transactions and more than 70 5-star Google reviews, she brings a local perspective that goes far beyond surface-level market knowledge.
If you are thinking through a pre-sale exterior plan for your own house, I am happy to walk you through the order of operations. Reach out anytime at lynleyresidential.com.