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I don't understand, why was that a motivation for not taking the highest offer?

Is that associated with some kind of risk of the sale not closing, or other risk?

(Sorry if it's a dumb question with an obvious answer -- this is not my area of expertise.)

Yes, the issue was increased risk of the buyer backing out. In which case I would get a few grand in earnest money and have to relist (or hope the other potential buyers haven’t found something else in the meantime and still want to go through with their offer).

The house had some warts, and the second highest bidders were locals who had toured the house and had it inspected. Closing was pretty much a lock.

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