foreclosures

i was walking down the street and saw a property in not to bad of a neighborhood and there was a sign that said 700 down and 350 a month and i thought wow must be a lease option. so i called the number posted on the sign and found out it is a foreclosure or a homepathy prop offered by fannie mae. I talked to the lady and sais i was interested in it and i told her if it was a lease option and she goes no its a land contract. They want 40000 and i checked out zillow and the zesrimate on there was 35100. So zillow was helpful in this situation. Its a 1 bedroom 1 bath sf home. I told the lady i would like to see the prop and she gave me the lockbox code. I havent viewed the prop yet but know just from feeling it has profit potential. I dont have no credit and some cash to invest. Could this type of property be assignable? Could anyone give me advice on hoe about going on acquiring this type of property? Im not afraid to take action im just overwhelmed with what step to take next