I'm considering this horse trailer. The seller says this water damage is from wet blankets. Does this seem like it would be or does it look like a leak?

Yup.

And the blankets got wet from a leak in the front of the trailer.

A  leak.  

A leak for sure. Water is coming in from between the seams. I would pass. Why would anybody throw wet blankets into the sleeping area? I say others have looked at this trailer too and have passed on it, its just stupid to say wet blankets cause this stain. 

I wouldn't pass on this trailer if the price was reduced.  Tear out the paneling and see where the leak is.  A Barrett is a good stock trailer.  And, they hold their value.  Even the older ones.  

If it is the seams leaking, what would the fix be? Is there any concern that is would have caused other damage other than what we can see?

The water is probably sitting on that lip around the front.  Or travels down from an outside seam.  You seal it with silicone caulk.  If the trailer is all aluminum, there is no other damage that can be done.  They probably used screws to put up the paneling and it may also leak from that.  

Also it's priced at $10,500. Is it worth that or would think less?

What year is it and how long is it?  Any more pictures?  

It's a 2000 4 horse with a very small LQ (has shower, no toilet, no couch or table). I'll attach pics.

Awww I thought this was a full living Quarters trailer, the only way you can find the leak is pull off all the paneling to see if you can find the leak, when the seams leak its kinda hard to find the right spot to seal. Looks like a nice trailer, but I just have to wonder since the owners told you the leak was from wet blankets, that is so strange to say. 

Check the A/C, sometimes the water condensation will find a spot in the roof and come threw a seam. 

I would have the axles check and wheel bearings by someone that knows this type of stuff. Sounds like a great price for this trailer if everything is good on it. Check the welds as well as everything else. Look at the floor of the horse area make sure theres no pitting going on. 

I would offer them maybe $1K-1,500 less since you have to find and fix a leak.  Also, I would want to see the floor without shavings in it.  Good luck.  

I offered $9500 and they accepted. Going to look at it Saturday. Hopefully worth it. ??

I think if you are handy you should be fine, assuming its way worse in person. It looks like a nice trailer other than the leak. 

Just checking back to see if you bought the trailer.

I decided not too. With the weight of the trailer I was going to have to go really big for a truck and I decided to wait for something not so heavy. Plus them saying the water damage was from wet blankets made me questions how honest they were with the rest of the trailer.

That's the trailer weight rating. Not the weight of the trailer. 

The GVWR? What would I use to determine the size of truck I would need to pull this type of trailer with?

What type of truck do you have now?

I have a F-150 hauling a 2H BP. But I more asking for the future when (2 year plan) of getting a 4H LQ. Thanks ??