Early in the film, I was rather inclined towards the highly clichéd "it was all in her head" explanation, but it was soon clear that at least some of the characters had to be ghosts. I also guessed correctly that Grace (the Nicole character) - if she was dead - had done something dreadful to her children that the three servants knew about but chose not to reveal to her.
Guessing the complete story was more difficult since the film distracted or diverted the viewer's attention in several instances. I still am not sure about the significance of the children being sensitive to sunlight. Were they really photosensitive when they were alive, and if so what was the significance? Also, what was the significance of Grace's rule in the house that one door had to be closed and locked before another was to be opened? Was that really her rule when everyone was still alive? All these did not seem to be crucial in the final revelation, and in my opinion in that sense the film was not entirely fair.
Without these distractions, it would have been clear very early that - assuming that Grace was not insane and just imagining things - all the characters had to be ghosts or otherwise there would be no way the story could hold together. They had all seen and interacted with one another. The servants appeared out of nowhere, hid the gravestones, and later talked about the mist stopping Grace from walking too far. The way she then met her husband made it fairly obvious that the latter was a ghost too.
The only thing I did NOT predict until the last scene was that Victor was not a ghost, and (especially) that all the while he was living with the rest of his family in that house but the ghosts were not able to see them. (The only exception of was Anne and even she saw only Victor). In ghost stories, it was often the reverse - living people might feel the presence (and sometimes even see) ghosts, but ghosts could see living people. However, for this film, the viewer was forced to take the ghosts' "point of view", and the film did not allow us to see any living characters until the end.
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