Dear prospective buyer:
Thank you for the question! There are two angles of looking at the seller's concession: it is common to request the seller(s) to assist the buyer(s) with the closing cost, and the seller's concession will help the buyer(s) on saving additional fund to use towards repair works of their property after passing papers. It will also help the buyer(s) to save some money in the short term. That being said, the buyer(s) will have to borrow additional amount in addition to their principal balance of the loan, and the long term payments plus interest rate would cost more to the buyer(s), especially the term of the loan is fixed for 15 or 30 years. However, with the current interest rates are at historically low, there might not be a big of the effect in the long run.