The Ghostbusters are working at a restaurant and being observed by a couple named Jon and Olivia. Jon wants to call them, since his and Olivia's house is haunted, and gets a business card from them, but she wants to handle the ghost on her own, since he's the ghost of her uncle Horace. However, the Ghostbusters miss a ghost, who then follows Jon and Olivia home.
At the couple's mansion, Horace is wandering around searching for something he can't remember. Jon and Olivia dress as ghosts to scare Horace, who's afraid of ghosts and doesn't know he is one. Horace then finds the Ghostbusters' business card lying around and decides to call the Ghostbusters to bust Jon and Olivia. The Ghostbusters are reluctant to go out because they're tired due to the late hour, but go when Janine mentions it's an expensive property.
At the mansion, the Ghostbusters zap Horace, but let him go when he yells in pain and denies being a ghost. The Ghostbusters explain that he is one, and Horace explains the situation. The guys start searching for the other ghost, and Peter and Winston meet Jon, who explains that he's not really a ghost. Meanwhile, the other ghost grabs Olivia and dances with her against her will in the air.
Jon explains that Olivia inherited the mansion from Horace when he died, and wants to sell it but can't because it's haunted. Then, they hear Olivia screaming and run to the playroom to see her still being held hostage by the other ghost. Peter plans to swing from the chandelier to rescue Olivia, but decides to let Egon do it instead when he reveals he's always wanted to. With her back on the floor, the Ghostbusters trap the ghost. Then, Horace realises that what he was searching for wasn't a thing, but rather an opportunity to say goodbye to Olivia. Thus, he says goodbye and then crosses to the afterlife, and Olivia decides to keep the mansion.
This episode provides examples of
- Acid Reflux Nightmare: Discussed when Horace wonders if he's just having a nightmare because he ate rabbit in the night.
- Baby Talk: When complaining about being tired, Peter says he needs his "beddy-byes".
- Bad "Bad Acting": The Ghostbusters speak in an overly emphatic way when they're pretending to leave.
- Bedsheet Ghost: Jon and Olivia dress in sheets to scare Horace, knowing that he's scared of ghosts and doesn't realise he is one.
- Bizarre Dream Rationalization: When Horace is first told he's a ghost, he wonders if he's dreaming.
- Card-Carrying Villain: The bad ghost nods when Horace says there's an evil ghost about.
- Damsel in Distress: The bad ghost grabs Olivia and lifts her up. Egon even calls her "the damsel in distress".
- Dramatic Irony: We find out that Horace is a ghost immediately, but he initially doesn't know.
- Edible Ammunition: The ghosts throw food they see in the restaurant at the patrons and the Ghostbusters.
- Failed a Spot Check: Horace didn't realise he was a ghost, despite the fact that he now has no feet.
- Faint in Shock: Upon seeing the bad ghost, Jon passes out.
- Flat Scare: Horace is scared simply by Jon stating, "Boo".
- Fly in the Soup: During the opening scene, a background character complains about a fly in her soup.
- For the Evulz: The bad ghost seems to haunt the mansion for no other reason than because he feels like it.
- Ghost Amnesia: Horace has forgotten both that he's dead and that he was looking for an opportunity to say goodbye to Olivia rather than a thing.
- Haunted House: The mansion is haunted by two ghosts, one who's just confused and wanders around aimlessly and another who's evil and at one point grabs Olivia.
- Last Moment Together: A non-romantic example occurs when the ghost of a man named Horace, who was unaware that he'd died, called the Ghostbusters to help him with his haunted house. They reveal to him that he's dead, and decide that helping him with his Unfinished Business would be better than trapping him. They eventually learn that the house's current owner is Horace's niece, Olivia, and he just wanted to find her to tell her that he loved her and wanted to say a proper "goodbye". He's able to dissipate peacefully after that.
- Midnight Snack: Horace had some rabbit as a midnight snack, which he thinks has given him nightmares.
- Mistaken for Undead: Played straight when Horace mistakes Jon and Olivia wrapped in sheets for ghosts, then later Peter mistakes Jon in his sheet for a ghost, and inverted when Horace thinks he's alive.
- Noodle Incident: Upon realising that Horace doesn't know he's a ghost, Egon compares it to some other ghost from the past.
- Not So Stoic: Egon has apparently always wanted to swing from a chandelier.
- Oh, Crap!: Horace says nervously, "Oh no!" upon realising he's a ghost.
- Only in It for the Money: Due to the late hour, the Ghostbusters are a bit tired and only answered the call because the homeowners are wealthy.
- Platonic Declaration of Love: Played for Drama — one of the last few things Horace says to his niece is "I love you".
- The Pratfall: At one point, the evil ghost knocks Jon and Olivia onto their rears.
- Quaking with Fear: Jon shakes in fear of Horace.
- Questioning Title?: The title is in the form of the question.
- Ridiculously Alive Undead: Horace apparently ate a snack while already a ghost.
- Seen It All: Winston, despite having been hit in the face with a pancake thrown by a ghost, describes the situation as nothing unusual.
- Shout-Out:
- The title references "Who's Afraid of the Big Bad Wolf?", a song from The Three Little Pigs.
- When discussing the fact that Horace isn't aware of the fact that he's deceased, Egon says they had a similar issue with a heavyset apparition on 34th Street.
- Speech Impediment: Olivia has a slight lateral lisp.
- Theme Music Power-Up: The theme tune plays when Egon swings from the chandelier to save Olivia and the other Ghostbusters trap the evil ghost.
- Unfinished Business: The reason Horace doesn't go to the afterlife is because he hasn't said goodbye to Olivia before his death.
