From your description, you have a back light issue. This is very common with liquid damage as this is where most of the power in a phone runs (ie. 20-22v).
You most likely have a blown back light filter, although it could be other parts of the back light system (back light driver, LCD/screen connector, or the actual back light attached to the back of the screen assembly).
Water damage is always a bit of an unknown. Even if you were able to have a repairer fix the back light issue, it may show other problems which you can't currently see.
If you have no concern for the data on your phone, then Apple's out of warranty exchange is your best bet.
If you wish to retrieve data, then you can take it to an independent repairer who has a good reputation for liquid damage and data recovery. Opening your device may void any post warranty support from apple.