» Tue Jun 12, 2012 1:12 am
The horses will make for the nearest stables if there is one nearby, you'll find him there when you exit the city. If there is no stables, they will wait just ouside the boundary or gates of the town.
Every time I have fast travelled, the horse is there when I arrive but then, I normally fast travel on the horse and not on foot. If I travel to Whiterun, I end up on foot inside the city but the horse is near the stables outside.
To be honest though, the horse isn't that much faster tha running so it seems like a waste of cash to me.