To buy this house or not to buy this house…help!?

We have an option to buy a house in a contract agreement. The house is 5 bedrooms, 2 living rooms, 3 car garage and just down the street from where we are living now. It is 1100 more square feet and would be 500.00 more a month. The house is $ 320,000. if we have the owner carry the existing loan (in a contract agreement for 4 years then we would re-finance in our names). It would be $ 270,000. if we get our own loan and buy it from her right now (she would do a short sale and that is what the lending co. will take). Yes that is a 50k savings but I just don’t know if I can get a loan of that amount on just my salary (my fiancé claimed bankruptcy last year, long story with a bad investment). AND it would put our payment at a minimum of 2200. a month if we got our own loan. In the long run with her loan we would actually be paying less too (if we carry her loan because she bought the house new and has a very low interest rate). The house is EVERYTHING I have ever wanted and we can afford the mortgage at 1600.00 and added utilities but 2200.00 would be stretching too thin. There are identical houses down the street selling here is an example:
This house needs alot of work though (I have seen it) and does not have anywhere nearly as much upgrades as she has. But we would still be upside down 20,000. going into this house. Please give me your thoughts.

We are getting married this coming October and are trying to pay for a wedding that is alot right now too. When we get married our combine income will be over 150,000. and we have no write off’s.
Ed. No it is not people like me. It is people that jump into things blindly! I am asking questions first and doing my research… shove it!

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