My phone fell in water now the screen is flashing pink

Sara, the number one thing that went wrong is rice. There is no place for rice in electronic repair after immersion. Check here for the reasons. Skip the rice. It is the equivalent of doing nothing. Skip it, it is absolutely useless.

STOP!!!!! DO NOT EVEN TRY TO CHARGE IT OR TURN IT ON. Hope I got your attention :-). By trying to turn it on or charging it in its current condition, you are running a very high risk of shortening out the logic board etc. Remove the battery do not reuse it at all, and disassemble your phone using this guide. Clean every part, including the connectors on the board as well as on the cabled with 90%+ isopropyl alcohol and a soft brush. Be diligent about it and clean it well. This does not mean to scrub hard, just rinse it in alcohol often. Check for any burned looking or missing components. After that replace the battery (not an option but a must), reassemble it and re-evaluate. your pink screen could be a bad LCD or a shorted logic board. Perform the steps mentioned, then re-evaluate. You may have to get a new display for it after your evaluation. Water damage is the hardest to trouble shoot and the hardest to repair. Even with all those steps, chance are slim to get it done, but the longer you wait the smaller your chances. Hope this helps, good luck.