Terrell Owens -- Narrowly Escapes Foreclosure in Dallas

Another real estate debacle for Terrell Owens -- who just struck a deal to sell his pimped out Dallas condo for $350,000 LESS than he bought it for ... TMZ has learned.

Here's the deal -- Owens paid $1.95 for his 3,559-square foot Dallas condo back in 2008, when he was still with the 'Boys ... and pumped an additional $100k into the place for various upgrades.

But that was back when Owens had money ...

Now, in the wake of his financial issues, Owens was forced to sell the place ... but thanks to that pesky real estate bubble, it's worth SIGNIFICANTLY less now.

So, Owens got his bank to accept a short sale on the pad ... in which the bank agreed to take less money than what's owed on the loan ... and thereby avoided the pain in the ass foreclosure process.

TMZ has learned ... some wealthy opportunist bought the place last month for $1.6 mil.