After selling first house

[Nicholas Perez]

Hello everyone. I’ve recently joined bigger pockets through a co worker of mine to learn and possibly get into real estate game myself.

While I was researching information my mom was currently in the process of selling her own house. We had to bump up escrow sooner to avoid any problems on financial side of sale due to the virus pandemic going on. I believe the realtors scared her into saying sooner, but they may also be right about the situation. I am not all too aware of these things so I wouldn’t know what advice to give.

Now my mom is worried about having the money from the sale in the bank because she feels as if the bank can take her money, again due to virus pandemic, especially since loans are being handed out left and right currently.

Is there any advice anyone has as far as proper savings accounts or ira to have money be placed in for safer keeping? To avoid having the cash on person?

To add on to that question.

Now that the house is sold, my mom plans to move to Idaho, I believe Boise, Idaho to be exact.

If there are any realtors in said location feel free to message me to see if we can possibly work on something down the line when we plan to relocate to Idaho.

[Don Spafford]

@Nicholas Perez There should not be any fear about the money being held in a bank account unless it is over the maximum FDIC insured amount, in which case just split the amount into several accounts, maybe even at different banks to ensure access. With banks having online access these days anyway, there should not be any problem getting to the funds on one way or another. She could open a Roth IRA if needed to place it, but that also involves risk since it would be invested in the market unless it is just all placed in a money market account. Or just simply divide it among some of the highest interest savings accounts for now until we can move past the corona virus pandemic. If she is going to use the money to purchase another home she can just keep it in escrow if purchasing soon, or not put it in an IRA and have easy access from banks to use for the purchase.