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You contact the buyer, if you can and say that your bank will not accept the cheque. Say that it will take several weeks to get it cleared. Anyway it's for the wrong amount, do they want it returned of destroyed.
Be polite (you never know), but make it clear you're no fool.
My guess is that you won't hear from them again.
Realistically was the domain worth anything like that much?
I'm sure that some of the domains that you see in the 'sold' list, that went for silly prices, are involved in scams like this.
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Colin FC Domains Domains drop-caught and sold at wholesale prices
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