Look at this foundation that was obviously replaced sometime since this home was originally constructed. The foundation overhangs the home all the way around the house. “Gee, I wonder how long it is, before their’s water in the basement or the walls and plates rot out?” I only inspected the exterior this AM to get the outside finished before the Blizzard hits here.
I suspect the foundation was constructed for brick or stone veneer, but later decided to do vinyl. I have seen similar foundations like this and it does require flashing to prevent water intrusion. I have attached a few photos with the same issue, but one did install flashing.