Buy Down Pairs Generous Seller With Grateful Buyer

Wellfleet’s 12-year effort has yielded 9 hard-won sales

Nancy Lange wanted to sell her vacation house in Wellfleet to a local family instead of to the highest bidder.

So, she agreed to sell her three-bedroom, one-bath house at 29 Buck St. through Wellfleet’s buy down program as a deed-restricted affordable home for $464,200 — the highest price allowed under the program’s regulations for a three-bedroom.

Lange could certainly have gotten more for the house, which she bought in 1999 for $195,000 and which is currently assessed at $450,800. The buyer, Meghan Cox, received $175,000 from the town towards the purchase, reducing the price to $289,200. Cox qualified under the program’s income and asset limits for recipients.

It’s only the ninth home sale in Wellfleet’s buy down program, which began in 2010 to help low- and middle-income families buy homes. Because the houses are deed-restricted, they incrementally increase the town’s affordable housing stock.

Read the Provincetown Independent article here.

By Lee Kahrs Feb 16, 2022