Typically the title company will deduct any of your charges (transfer tax, deed prep, etc) from your proceeds and the check you receive from that title company will be the net amount owed to you.

I'm currently looking for a solution, but this looks more for residential customers or consumers rather than real estate investors.  

The bank will require 95% of a current appraisal if the current loan balance is more than the net proceeds from the sale, and it would have to be done as a short sale with all that entails.  

Taking several properties and selling them with 1031 exchanges and using the proceeds to purchase one larger property is a common practice called a consolidation exchange.  

Meanwhile, read, network, learn your market so you know how to proceed when you are able to launch your business.

Go to the lease and proceed to the next step.  

Last thing you want is a long and costly court proceeding. 

Any suggestions on how to proceed?

Almost every lender can do this, but most consumers either go with who advertises the lowest rates, or the lowest fees with little understanding that just about everyone can offer them what the other guy is advertising.

Of course I understand he wants me to make an offer so he doesn't feel like he's wasting his time and there is some money on the horizon for his work thus far, but I'm kind of stuck as to how to proceed.