Building on what Kamper added, in most cases that black spray applied to the outside of a new foundation is just a very thin "dampproofing" layer, intended as a water diffusion retarder. It won't help much against the inevitable cracks that develop over time.
A block foundation inherently has more weak spots, at the mortar joints, and that is where leaks develop. If you go the route of excavating on the outside, There are a few things that could be done then to eliminate the leaking. One would be to have a thicker waterproofing sealant sprayed on. Another would be a peel & stick membrane applied. Either is on the order of 60 mils in thickness and will bridge cracks up to perhaps 1/16" wide. A different approach would be to apply something like Cosella-Dorken's "Delta-MS"
(
http://www.doerken.de/bvf-ca-en/prod...eets/index.php) to the outside of the wall.
The best solution will be some compromise between access to the inside or outside of the walls, and cost.