Buy my home from my landlord?

[Eric A.]

Hey all, I recently put out a feeler email to my landlord (I rent in NYC) asking if she'd entertain selling the apartment to me, and to my surprise, she said she was "definitely" interested. My landlord lives overseas. My question is, what do I do next? Has anyone ever encountered this type of situation? We have not discussed pricing or anything, but I was wondering how I should handle this negotiation and whether I should make the first offer or ask her for an asking price. Also, is there a more creative arrangement I should be considering? I've heard about rent-to-own scenarios and owner financing, but I'm really not versed in how any of that works. Can someone enlighten me? All advice is appreciated. Thanks!

[Account Closed]

Eric, this is a totally standard transaction and all of the typical steps would apply.  First, you should get pre-approved for financing.  Then you should thoroughly research the value of your apt through websites such as streeteasy.com.  Review recent sales in the building, then the immediate neighborhood.  Look back no more than six months and no more than 1 mile away.  Send me a private message and I'll be happy to talk you through it.