You can't really answer this question until you know what and whom you are buying a horse for.
The mind and heart is what really makes the racehorse so if you can see something in the horse's behavior that says he is a 'serious' animal than a lot of things you are willing to forgive if you want to race him for your own stable. There are a lots of good looking and/or well bred horses out there so a smart advisor is probably THE most important.
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