What is hot pressing legs?

Main thing if considering buying a horse off the track is to ensure it is broken to ride and is sound [ an independent vetting is needed] It must have broken down at some stage if it has been fired.
I have been in racing for years and have never heard of hot pressing.
Also don't buy a pacer, as some standarbreds are, they are difficult/impossible to re school.
 
Buying any horse is a risk. A good top equine vet can possibly tell you if it is riskier to buy one which has been fired rather than one which has been sound all its life [ but they can't tell that from one examination]. I would rather buy one that has not been fired, in fact I would not buy one that has been fired. You can ask for a case history from the current vet, but again it is not 100%.
The owner can/will tell you what he wants, but he is trying to sell it, you must make your own judgement.
It depends what you want the horse to do and how well the horse meets your needs. The breed may not find it easy to canter in a dressage style due to conformation, and if he has been raced he may not have been allowed to canter. So you start with a horse that has been bred and trained for one purpose and you will need to re train, that is not to say that he will be difficult, but he might well be.
 
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