[mikesride]

Proper grade and drainage is very important...A weeping tile system and sump pump are a necessity were I live due to a high water table (is this what you guys are calling a "French drain?"). Also proper exterior foundation coatings are a must around these parts as well.
Slacker....did you get a property disclosure statement from the previous owner? I have used one in the past to leverage payment from a previous owner for similar issues.