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Waterproofing basement walls

I've been researching methods of waterproofing the walls of my 1955 basement. The foundation is poured. The only places of water entry are the tie points for the forms and a crack here and there. Grading problems for the last fifty years has caused some efflouressence and in the worst cases, small voids near the bottom edge of the wall. The previous homeowner has applied what could be regular paint or some of the waterproofing products available.

Q1: Does the cementitious type of waterproofing product work for keeping negative hydrostatic water from getting into the interior space?

Q2: On the areas that are painted, what is a good stripper for what's already on the walls? If it is the product described in Q1 should I just leave it alone? I don't know if a stripper will get that off except by sandblasting which is a remote option.

Q3: How effective is covering the walls with rigid foam board? Can I just use that in place of using a waterproofing product thereby saving a TON of labor.

Thanks in advance for any help.

P.S. I would love to get this as a project show.

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