And more
Retired show horse - Probably injured
Owner's health forces sale - Owner often waits until the horse is too badly taken care of to work
Child's pet - bought for 1 year old and never trained
Nice horse, needs some TLC - Needs either complete retraining or constant medication
Having shopped for countless horses over the years for my kids and family I have seen all these ads and more. (Just like real estate, the language can disguise a lot of problems! LOL) I prefer a nice easygoing well trained older horse with good sense. I have been lucky to fund these horses. They ended up dying on our property of old age, having been retired. They earned their retirement with us having taken care of my kids and self on the trails over that time.
What you want is a horse about 16-18 years old with lots of trail experience. Good ground manners are essential. GET A VET CHECK EVEN IF THE PRICE OF THE VET CHECK IS MORE THAN THE HORSE!!! Saved me several times from buying a horse that had an injury. Even more important because I was buying for my kids and they like to cowboy their horses.
Show up at least half hour early and make sure that you see the horse in the corral so the owner has to catch it for you. You don't want the horse that the owner has saddled and waiting for you since they probably had to chase it all over the field to catch it or tranquilized before you came. (Happened to an acquaintance. When the tranqs wore off the horse was dangerous in the stall and bucked her off in the street when she finally got him saddled and got on. Then she found that she couldn't sell him because he had some ringbone!)
Take an experienced friend with you to look. Have the owner load the horse in and out of trailer if you plan to trailer with the horse. If you are not an experienced horse person, you need to have someone who knows horses to notice little things that won't mean anything to you.
Rearing - "High Spirits" Could be barn sour or just a habitual rearer.
Mouthy - "Looking for love or treats" Sooner or later you will get bitten
There are some wonderful horses out there. There are some good deals too. But there are many unscrupulous people who will sell you a problem. My uncle was a rodeo rider and cattleman. He also bought and sold horses. His advice "Don't trust a horse trader"!
Your best purchase will be from a family. The best horse for you will be one that has been outgrown by the teens in the family. (college, needs a more advanced horse for exhibition, etc.) These horses are sold to make room in the budget for the new one. The family is anxious for the new owner to love the horse. Don't rush to buy one that is cheap. You are better off to save a little more and buy one that is well trained, and is friendly and sensible.
Like L2Elk says the purchase price is nothing, the upkeep is the real price. If you think you are going to pasture the h9rse, how much grass do you have? Price hay in your area - a horse will eat 1 - 2 bales a week depending on the weight and the protein needs of the horse. Shoeing and trimming is an expense which will need to be done every month or two. Vet expenses - vaccinations, and the occasional sick call costs money. Tack costs money and needs to fit the horse. Grooming equipment, corralling, feeders, and if you are in the Pacific Northwest, you need to consider some kind of shelter from the worst weather.
HOWEVER, no need to be discouraged! Many boarding stables will have good horses owned by clients who offer lease arrangements. You pay part of the board (worked out with the owner) and have the use of the horse for a certain period of time. This can work to your advantage since you can arrange to take lessons at the stable and you are in a position to hear about any horses at the stables that might be sold.
This might be a better use of your money if the cost of buying a horse is worrisome. You can also see if you really want the work and expense of a horse this way instead if buying it and then selling it later.
