Purebred but not registered

["guest@endurance.net" <guest@endurance.net>]

Karol Read ksassy3@yahoo.com
I am contemplating on purchasing (cheap!) a very good endurance prospect.  Here is the glitch....He is a 13yr old gelding, purebred arab and bred very well (I have many related siblings)as well as great athlete....the owners never took the time to register him so in the real world he is considered grade.....He has been started under the best of conditions ......my plan is that I would like to scoop him up...condition him and put him out on the endurance trail.....my end result is to prepare him to be very saleable (I know that he will be a competitor).  
Here is my question:  How big a part does "registration papers" play in the decision to purchase an endurance horse.  All mine are registered but I bred and raised them myself and its a habit from the show ring days!!! I am not looking to make my life's fortune on this adventure!!! I would love to hear the comments from ridecamp as it is the pulse of our sport....

Thanks,
Karol