There is no guarantee that you will get your first choice (which is why they ask for 3 choices) and the room can only first be booked with points at exactly 11 months out. Get in touch with them about a week before your 11 month mark (for example, if your date is November 8, get in touch with them December 1). This will give you time to fill out what you need and to make your first payment and it will give them time to get in touch with the DVC member whos points you'll be using. The DVC member is the one who is actually making the reservation in your name and will make the reservation at their earliest convenience (in other words, if the rooms become available at midnight at your 11 month mark, they don't have to make your reservation at 12:01AM if they don't want to, they can wait until later in the morning or even that evening if that is when they can make the reservation). David's is just the one that gets the member and renter together. We rented points a few years ago at BWV during F&W. We filled the paperwork and made the payment about a week before our 11 month mark. We were still shut out of our first choice of a Boardwalk View room and ended up with a Garden View (but our Garden View still had a view of the Boardwalk and we were able to see some of the higher IllumiNations fireworks from our balcony).
If the value villas are as hard to get as others have said, hope for one but expect to get your second choice.