The E92 M3 is too well balanced (even in real life) for easy lift off oversteer. It's doable, as it is in real life, but you might have to unbalance the car by shifting down into smaller gear before accelerating in or out of a turn.
In real life, most MR (mid-engine rear wheel drive) cars are the ones prone to exit lift-off oversteer. Incidentally, these are the type cars that behave in that manner in GT5. Cars like Acura NSX, Lotus Elise, Ferrari F40 and Enzo etc.
Most FR (front engine rearwheel drive) are naturally less prone to understeer (at least not as much as most MR) and therefore are less incline to exhibit the tendency for lift-off oversteer. As you probably are aware most of these stuff- the engine location in relation the the front and rear axle, the setup of front suspension to counter the car inherent tendency towards oversteer or understeer- are all intertwined and certain behaviours are intended in order to balance the car's drivability.
One last thing to add- I'm assuming you're basing your conclusion while driving a stock/unmodified car(s). Obviously, if you've modified the car, it won't behave accordingly.