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.