I looked at a similar situation where the problem was poorly constructed block walls. the HO dug out the bad area's. Using cables and lots of blocking he was able to straighten the walls (they were in several inches) then he grouted the cores and pointed the joints. I think he left the cables hooked to a dead man and buried it all in the yard. Unfinished basement.
I would hope since yours is not that bad, you wouldn't have to do the cable thing, but grout in the block or more grout in the block will help stop any more movement.
Your on the right track with excavating, and since it is your line of work, you can probably get the house at a discount and fix it yourself. Just remember the same line of thinking was applied when building the rest of the house as was used in laying the basement.
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D K & Sons
The maintenance schedule for brick
1. Stand back and say "man that looks nice!"

2. Repeat as often as needed.