$200 horse? Too good to be true?

Hey everyone, some of you may have been following my posts about my search for a barrel prospect. Now, my budget is fairly small because I'm 16 and paying for everything myself. I get a $100 a week, so payments are ideal.

I came across an ad for a $200 horse. I contacted the seller and here's what she's told me:
5 year old bay gelding, broke but has pretty limited training.
He will

Walk, trot, lope
Back up, slow but straight
Needs work on leads/lead changes
Started neck reining
Hasn't learned how to move off your leg ds (sidepassing) yet.
Flexes

Groundwork wise

Loads, bathes, stands for farrier, leads, worms, ties all good.. so no issues there.

Hasn't been ridden in about 9-10 months, so needs a tune up.

She lives about 2 hours away, and is willing to meet me in a town about 15 minutes from me with him. And she's asking $200.

Does it sound good? Or do you think something is wrong with him?

The lady was very nice, and talks about her horses like we do lol.

Should I take it? She's sending conformation pictures tomorrow morning.
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I would still recommend a vet check before getting your hopes up. However if you have pictures that could help annd try and go try him out see if you even like him.

It does sound like a good deal but people can talk their horses up just for the seller tl find out they arent all they are cracked up to be.
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Yeah, even if he ends up not being what she says.. He's living at my trainer's, so she'll be working him. (: I don't have much to lose at $200 do I?
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Check him out just like you would a $5K horse because if he's all that she says and you finish him with no vices, he could be worth that much. It would be a shame to take him unseen and untried and find out he's lame or something.

In today's economy it's not always a junk horse that's $200, she just may need to move him along because of finances. I have a filly who is double registered, 6 mos old and leads, halters and rides in the trailer and I'm going to advertise her on Craigs List for $250. There's nothing wrong with her, I just need to cut back on numbers. I'd probably give her to the right person, so price isn't really reflective of quality these days.

Yeah, I know what you're saying! Here's the issue, I wouldn't have a money for a vet check until a week or two after I brought him home. Is there any kind of contact I could make maybe?
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You can see if she'll go for a clause that says you will vet check the horse in 30 days and if he fails you have the right to return him and get 50% of the purchase price back. I wouldn't do it, but she might.

Alright, I will talk to her when she sends me pictures in the morning. She seems very willing to help me out, so I'm thinking she will unless there's something to hide.

Why wouldn't you do it, may I ask?
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Any possiblity you could take your trainer along? Your trainer may be able to help determine if this horse would be a good fit for you.

He sounds good!!!I bought my horse for $200 when he was off to the doggers.... I trained him to be a GREAT jumper and a GREAT ponyclubber and he is an ex racehorse thoroughbred and I am 12years old!!!
Id vet check and since he hasnt been riden for a while start a little programe with him like this is what im doing with my other ex racer that im training at the moment(i train them to be childrens sport horses and hackers and jumpers and stuff and im only 12years old...) :

Week One: 20 minutes hacking in walk.
Week Two: 20-40 minutes hacking in a walk.
Week Three: 1 hour hacking in walk- include some hills.
Week Four: Up to 90 minutes- include some trotting.
Week Five: Up to 2 hours hacking. Include some trotting up hills and 20-30 minutes schooling.
Week Six: Increase schooling time and introduce cantering to the hack.
Week Seven: Increase the amount of time cantering during your hack. Include some cantering up hills.
Week Eight: Introduce some faster work- a strong canter or gallop.

Don't do it that way! Read the horror stories about not doing PPEs down in the Horse Law forum-if you take him home without one and find out he has major issues you'd be screwed. What I'd do is go see the guy at the owner's place, take your trainer or someone else with horse experience for another pair of eyes if you can. Don't fall in love with the horse or take him off the property until you get the PPE. I know it's hard, but spend the money on the exam, it could uncover unsoundness that would make him unsuited for your goal of barrel racing.

If you like the horse, ask the owner if you can put $50 down on him pending a vet check. Write up a simple contract saying you will pay for the PPE and if the horse fails you can get out of buying him (but will loose the $50). That way you can stretch out paying for him and the vet check for a week or so and both you and the owner have some security.