repair horizontal foundation crack

Folks,
I need advice on the least expensive way--without being stupid--to repair a long horizontal crack that extends nearly around our basement block foundation, about 18" below ground level.
The crack was revealed during the inspection of our 60 year-old house, which we bought this summer. We negotiated a $6500 credit, based on a contractor's repair estimate, to dig out the outside foundation and install grip-tite style wall anchors. But we have already spent most of our savings on the down payment, so I am wondering if there are less expensive alternatives.
The crack looks quite old, and does not appear to be getting any worse. There is no evidence of the wall bowing or buckling. There is probably some water coming through the walls, but our basement is very dry because of a good french-drain and sump pump system, which was installed about 7 years ago. (I don't know why they did not repair the crack then.)
We may end up selling this house within 5 years. If I just cover it up,
we will have to give the next guy credit.
Finally, there is also some kind of thin metal strip, which that is badly rusted, buried inside the crack or even between the blocks. I'm not sure if this was part of an earlier repair attempt, or something built into the original foundation. I don't understand enough to guess. Any thoughts?
Thanks for any advice.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
the metal in the joints may be joint reinforcement (dur o wall). is the crack on the inside face ? 18 inches down from the floor? outside grade is to the first floor level? i guess the wall doesnt have vertical rebar? On 23 Oct 2005 12:46:12 -0700, snipped-for-privacy@linuxwaves.com wrote:

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Yeah, I looked it up and it looks right. I thought it might have something to do with the crack, but I found some of this stuff also sticking out of another block, with no (extended) crack.

Yes
No, it's 18 inches below ground level. The basement ceiling/ first floor beams are about 18 inches above ground level.

I don't think so.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
so how high are these walls (from basement floor to first)? and how thick is the CMU (cinder block wall) cause the crack sure sounds like its the result of a bending failure in the wall. see, the wall spans from the slab to the first floor as it holds the outside dirt out. and this soil loading has caused this wall to crack (hence the horizontal crack) is the soil a clay? because clay will swell and causes higher loads than a sand or granular soil. the contractor wanted to "install grip-tite style wall anchors." what are they? anyway patching the crack, aint gonna fix it.
On 23 Oct 2005 15:22:19 -0700, snipped-for-privacy@linuxwaves.com wrote:

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I agree, the horizontal crack was probably caused by hydrostatic pressure or frozen ground swell above the frost line.

Here is an example, except in my case there is no sign of buckling:
http://www.anchoredwalls.com/digout.html
I'm just wondering if I have to take this drastic action. Or if there is something less costly.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 23 Oct 2005 18:45:39 -0700, snipped-for-privacy@linuxwaves.com wrote:

I wouldn't worry about it until it showed definite signs of buckling.. Fill in the crack with a thin concrete mix and forget about it.
When you sell, jack up the price $10,000 and give them a 7,500 credit.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 23 Oct 2005 18:45:39 -0700, snipped-for-privacy@linuxwaves.com wrote:

Pillasters?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.