The Smoothest Ride ... Tips, Articles, and Stories For The Paso Fino Horse Enthusiast
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Ten Pitfalls Horse Buyers Make ...
The Responsible Relationship between Buyer & Seller
By Lynn Gallup, www.smoothride4u.com
This
article is adapted from a real estate education class "Looking Out
For #1 - The Buyer"
1. Falling In Love At First Sight -- The Emotional Buyer.
Remember: Reality sets in after the honeymoon.
While your prospective buyer "oooohs and aaahs" over this equine beauty (beauty is in the eye of the beholder), telling the seller "this is the horse for them". The seller needs to take it several steps farther ... does this horse fit their previously announced needs? Are their undisclosed soundness or disposition defects that would make this horse unsuitable for the buyer who may have special needs? Will this horse fit the future needs of the buyer, or will the buyer end up selling it and getting another?
2.
Looking At Horses The Buyer Can't Afford.
Remember: A seller should not show the buyer a horse and get them all
excited about it, knowing they can't afford it.
Does the buyer have a tight spending budget or can they allocate more for the right horse? Does the buyer intend to board or care for it themselves? The buyer needs to take into consideration the upkeep costs of normal horse care if they are on a budget and/or financing a horse purchase to know what they can afford to spend. The new horse deserves and requires proper care and feed, as well as routine farrier and veterinary services.
3.
Buying In The Wrong "Neighborhood".
Remember: Analyze your search criteria and look in the regions and farms
that promote that type of horse.
If you want a pleasure horse, would you go to a farm promoting fino horses and get a mediocre fino horse that did not meet that farm's criteria? Go to a farm that proudly promotes pleasure horses and recognizes the criteria that it takes to make a good pleasure horse.
4.
Not Asking For A Pre-Inspection Exam By A Professional Prior to The Sale.
Remember: The seller should suggest to the buyer to consider a pre-purchase
exam by a veterinarian to cover any possible concerns.
This way the buyer will know prior to obtaining the horse any pre-existing soundness problems. A responsible breeder and seller should have complete health and veterinary records for any horse for sale.
5.
Choosing The Wrong Horse.
Remember: Choosing and purchasing the wrong horse can cost the buyer thousands
of dollars over the years.
There are many horses for sale on the market. How is an inexperienced buyer going to choose? With the help of a good professional or knowledgeable experienced owner for guidance, the buyer should be able to sort through the numbers. Ask for advice throughout the process the search and purchase process. It may cost the inexperienced buyer for professional guidance, but it will be financially advantageous than, after purchasing, finding out that the horse is not the horse the buyer wanted or that it will not meet your needs.
6.
Not Insuring Your New Equine Investment.
Remember: Consider whether you need to protect
your equine investment prior to closing the sale.
Can you afford to lose the money invested if the horse does not perform up to the purpose desired or dies? There are many equine insurance options to consider: mortality, medical, fertility, live foal, etc. An insurance exam is different than a pre-purchase exam; both are performed by a licensed veterinarian.
7.
Not Doing Your Homework When Buying A New Horse.
Remember: Even a new horse with a seller's
warranty is not a guarantee for the buyer.
The buyer should be prepared to know the breeder's/seller's reputation and how long he/she has been in business in that area. Is the business moved every few years possibly due to poor client relationships starting new someplace else? Are there client references available? Check them out. Don't be timid --talk to other buyers of their horses and ask how available the seller was after the sale to answer questions and resolve any problems regarding any guarantees. Does the seller offer any extras after the sale? We assume the seller will meet certain standards, but what if anything do they offer above the call of duty? A good salesman will be proud to tell you any extras they offer as part of the sale. Is the paperwork in proper order for the buyer, such as registration papers and breeder's certificates with owner's signatures in place, stallion report filed, bill of sale with any terms spelled out, and health records available? Another reason to check your seller's reputation has to do with what happens to he buyer's deposit or payment, before the horse is delivered and new ownership is officially transferred with the breed association office. The breed association office is usually available to confirm official ownership and that all paperwork on that horse is in order.
8.
Not Being Decisive.
Remember: You may never find the "perfect"
horse. However, once you have found your best option, be prepared to make
an offer or close the deal.
If a buyer continually loses out on several opportunities because of
indecisiveness, he needs help to decide. Is this the fifth time the
buyer is looking at a horse and still not made an offer to the now
irritated seller? To help, the buyer needs to write down their
requirements on paper. If the buyer can't decide among their choices,
they can write pros and cons of each horse to see if one horse outweighs
the others. An expert's appraisal or veterinarian exam may relieve some
of the buyer's anxiety even though it will incur additional costs.
9.
Buying A Horse That Will Be Difficult To Resell.
Remember: You can change some things about
the horse as with environment and training, but a horse with poor conformation
can not change its physical form.
Form to function applies. Buyers need to take into consideration how this horse will appear to their potential buyers in the future. Poor conformation affects how the horse moves and performs, now and in the future, which can lead to unsoundness. Too often it seems, people buy a horse because they desire a certain size and color without looking at the individual horse's conformation. Additionally, if a buyer is purchasing a "fixer-upper", a "distress sale", "needs more training"; they may be buying more than they bargained for. After investing much time and money in the horse, when the buyer tries to resell, they may be stuck and forced to sell at a loss. Evaluate thoroughly the potential horse and your reasoning for purchase.
10.
Choosing The Wrong Buyer's Agent.
Remember: A good agent can "make the deal",
but a bad agent can "break" the deal.
A good buyer's (or even seller's) agent takes on the role of protector, inspector, and informer; therefore helping the buyer to avoid making many of these "pitfall" mistakes. This agent will keep the emotional buyer in check while they investigate further. A good agent will call in a veterinarian or expert when needed. A good agent will listen to his buyer about what he feels comfortable in spending instead of assuming he wants to spend the entire 30% of his monthly gross income! A good agent will stay with the buyer throughout the purchase process: making an offer to closing the deal to the delivery of the horse to a satisfied new owner. As with any horse purchase, resell should always be a consideration. The buyer's agent should make sure the investment is sound without any obstacles that would limit the buyer's ability to sell in a timely and profitable manner if desired.
Lynn Gallup was introduced to the Paso Fino breed in 1975, while owning a Half-Arabian at the time. She began actively showing them in the Atlantic and Piedmont regional Paso Fino shows in the mid-70’s. She owns Gracewood Farm Paso Finos in New Hill, North Carolina, home to about 17 Paso Fino horses, where she continues to train/breed her own Paso Fino horses. Lynn is a multi-gaited horse breed show judge: Paso Finos, Rocky Mountains, and Kentucky Mountain Saddle Horses, and a Registered "R" Judge with USEF. The “Tips” are learned from hands on experience and attending clinics over the years involved with horses. Lynn’s website “The Smoothest Ride” went online in 1997, and offers helpful and informative tips, articles, and stories for the Paso Fino horse enthusiast. New URL: www.smoothride4u.com.