What does it mean when a seller says Owner Will Carry and what are the advantages or disadvantages for the buyer?

Owner will carry - means that the owner will hold the note for financing. This can be advantageous due to the leniency of the owners financing criteria, lack of down payment requirements and other issues a typical mortgage company would rather not deal with. However, It will not be reported on your credit report as typical mortgage would. If this is your first purchase, I would recommend that you not attempt this on your own. There are several aspects to real estate that could overwhelm someone with no experence in that field. Ask a friend who is a realtor or loan officer to assist you.