Home inspection & Escrow accounts
Good day all,
My name is Jordan and I am in the process of buying a triplex in Philadelphia pa. My agent and I recently sent in a offer to a potential seller in on the 120,000 triplex I plan on buying.
I spoke with my realtor about the process after buying the house but I am still a little fuzzy on some of the parts..
Such as the Home Inspection. On the contract that I signed it stated that I would need a home inspection within 10 days of the seller accepting my offer. I informed my realtor that I did not know of a home inspector in my area and he said he would provide me with one...
Do you think its smart for me to use a Home inspector my realtor recommended to me? or should I find my own? My realtor is a great guy but a seasoned investor in Philadelphia gave me advice and told me to find my own.. What do you guys think? and also does anyone know where I can find a great independent contractor? or have a recommendation?
Another question I have has two parts.
I am struggling to understand what escrow accounts are and where to place my tenants monthly payments at?
If i understand correctly, the seasoned investor that I have been speaking to informed me to think of the escrow account as the "middle man" where I pay my mortgage and bills for the house.
My question is does the escrow account come with a debit card? Is the account through my lender (which is a brokerage)? If it is a debit card, should I have my tenants pay straight to that account or open a bank account with a whole new bank?
The seasoned investor tried his best to explain it to me he also told me that usually the bank I am using will let me open a account with them with a discount where my tenants can pay. I am confused about this and having trouble trying to understand the process.
Can anyone lend a hand? I`m probably overthinking it but any answer helps thanks guys! Looking forward to your feedback.