Tuesday, October 28, 2008

Isn’t the plan to torch the house BEFORE you sell it to the Insurance Company?

Stock trader arrested over arson hours after selling house

Internet trader Richard Hardy, 55, told neighbours he faced repossession of his home in Upton St Leonards, near Gloucester. The blaze started in the early hours of Friday morning, less than 12 hours after Mr Hardy exchanged contracts with a new owner, a married father-of-three. Neighbour Martin Atkins, 51, said: "Richard had lived here for 12 years, I've been here for just over 11 years.

Posted by lvmreader @ 03:44 PM (1135 views)
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3 thoughts on “Isn’t the plan to torch the house BEFORE you sell it to the Insurance Company?

  • I dont get this at all. He sold his house and then set fire to it? Is that like a jilted lover? If i cant have him/her nobody can?

    Sounds like hes not really a trader but a stock picker buyer. Fine on the way up but you have to be a bit more sophisticated than that when the bear raises its ugly head. Its a shame but really (and i am reading between lines here so could be wrong) “proper” trading is very difficult and being only able to go long in a bear market is – in my view – a recipe for disaster.

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  • ok so technically he hadnt completed but surely the exchange of contracts would have stoped the court order. The mortgagee must have known that there was an exchange??

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  • The person buying the house would need to have Buildings insurance in place at exchange of contracts !

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