There is no such thing. All villas available for booking on points are available at eleven months out. Once they are gone, they are gone. The villas you see available on the Disney website are not going to become available for points for several reasons. 1 - they are not owned by members and are owned by the developer or by DVC (they own about 5% of the resort). 2- members traded them out for a non-DVC Disney stay such as DCL or some other non-DVC stay.
So if you are on a waitlist, you stay on the waitlist until another member cancels their reservation. Then the guest at the top of the list that matches that reservation gets it. Being on the waitlist will not promise you a villa.